The Zeitgeist
What made Bitcoin special is nearly lost, and what remains is a false and constructed narrative that exists in service to Wall Street and Washington rather than in resistance.
The Bitcoin narrative must be renewed. And that will change everything.
Things Fall Apart
What Do We Need To Be True?
Modeling common knowledge by analyzing missionary statements and their reverberations works. Except when it doesn’t.
Understanding changes in the big, zeitgeist-defining narratives, in the water in which we swim, means developing a way of thinking about the barriers that make it harder for the crowd to change its mind.
A Tiger Can’t Change Its Stripes
What do you get when you give a raccoon like Bill Hwang tens of billions of dollars AND invisibility from regulators so that he can run his collusion and insider trading schemes to his heart’s content? You get a rolling series of squeezes and corners. You get a market that is completely disconnected from reality. You get ridiculous Chinese companies pumped and dumped through US listings. You get a Tesla that’s valued at a trillion dollars. You get Gamestop.
I’m not saying that Hwang is responsible for all of this. I think he’s responsible for some of this. And I think there are a lot more Bill Hwangs out there.
Hunger Games
Covid Variants
In Praise of Bitcoin
What made Bitcoin special is nearly lost, and what remains is a false and constructed narrative that exists in service to Wall Street and Washington rather than in resistance.
The Bitcoin narrative must be renewed. And that will change everything.
Mailbag: ET Forum Edition
We are now more than 900 Pack members strong on the ET Forum, with more than 1,000 posts contributed by smart, clear-eyed, full-hearted people from all over the world and all walks of life. Like you.
Here, I’ll show you. Here is some of the best and most thoughtful content on the internet today.
Here is the Mailbag that we need.
Here is the Mailbag that we deserve.
The Opposite of 2008
In 2008, the US housing market – together with a Fed that thought the subprime crisis was “contained” – delivered the mother of all deflationary shocks to the global economy.
In 2021, the US housing market – together with a Fed that thinks inflationary pressures are “transitory” – risks delivering the mother of all inflationary shocks.
The ET Pack is going to figure this out … together.
Hunger Games
You have been told that the odds are ever in your favor. You have been told this for your entire life.
More and more, you suspect this is a lie.
Over the past few weeks you have been told a new story. A brave story. You have been told that by banding together and acting as one, you can “democratize” the stock market.
Today, as you see the collapsing stock prices of the companies you supported, you suspect that this was a lie, as well.
What now?
Harper's Corner
The Met Gala dress code has been announced and it's American Independence. Thoughts?
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Search and Discovery
Archive Spotlight
Do The Right Thing
I’m angry that I have to write this note about the airline industry and how to structure the bail-out of United, Delta, American and Southwest. But I must, because the raccoons and the high-functioning sociopaths are looking to get their private losses socialized and their private gains locked in.
Bailout the airlines and their rank-and-file employees? You bet.
Bailout the CEOs and Warren Buffett? Not a chance.
