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The Recipe for Agent Orange – The Projection Racket, Pt. 3

By Rusty Guinn | 21 Comments

There is a true story of free market capitalism. It is one of humanity’s greatest and most important stories.

There is also a myth of free market capitalism. It is one of humanity’s most manipulated stories.

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Inflation as Ad Campaign

An ET Pack member sent me this. Anyone else come across ads that directly call out inflation expectations? Would love to collect more screenshots like this!

— Ben Hunt | May 24, 2021 | 10:43 pm

Many People Are Saying … Bitcoin is Art

The Bitcoin Is Art thesis that I put out back in 2015 (The Effete Rebellion of Bitcoin) and recently put forward again (In Praise of Bitcoin) is finding a lot traction recently in mainstream publications like Bloomberg and the Wall Street Journal. I don’t think I’ve ever started a narrative snowball before … it’s a weird feeling!

They say imitation is the sincerest form of flattery. I guess.

Bitcoin Is a Lot Like the Art Market (Bloomberg 5/21/2021)

Both cryptocurrencies and contemporary art rely on scarcity and hype because they have no other real value — though crypto has less price control.

Bitcoin Is More Modern Art or Religion Than Money (Bloomberg 5/21/2021)

Like a shark suspended in formaldehyde, it has value only if we believe it does.

Yes, Bitcoin Is Useless. Many Will Say: So What? (WSJ 5/24/2021)

Cryptocurrencies may ultimately have no intrinsic value, but humanity’s love for useless things means they aren’t necessarily worth nothing.

— Ben Hunt | May 24, 2021 | 7:10 pm

Why Am I Reading This Now?

Pack member Rob H. brought this up at last week’s Office Hours, and it deserves its own thread (as well as some attention from the Narrative Machine).

I think the most interesting part of the burgeoning UFO/UAP narrative is that it is clearly being driven by the Defense Dept.

I also think the only things DOD truly cares about today are China and budgets.

Why am I reading this NOW?

— Ben Hunt | May 23, 2021 | 9:12am

Homeschooling Resources on ET Forum?

I think a homeschooling VMPT is a natural for the ET Forum!

On last week’s Office Hours conversation, ET Pack member Dan W. brought this up:

I would love to have a conversation about the state of public education in the US right now. My wife taught in public schools for ~10 years before deciding she wanted to stay home with our children (and homeschool them, something ET deserves a lot of credit for). Over the past year, several friends have reached out to us because they’re suddenly contemplating either homeschooling or… something different. It’s kind of heartbreaking – people in our circle are desperately looking for some kind of option that doesn’t seem to exist at present. I am not that interested in the politics of public education, but very interested in pack-sourcing some solutions for people that have had their confidence in public education shaken over the last year. Thanks!

— Ben Hunt | May 23, 2021 | 8:41 am

Hollow Men, Hollow Markets, Hollow World

By Ben Hunt | 92 Comments

Over the past 25 years, our leaders have intentionally constructed an Apocalypse Now world of proclamation and fiat, where our wealth has grown much faster than our economy.

The bill is due for their hubris, and inflation is here to collect it.

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Being Human in a LARPing World

By Ben Hunt | 38 Comments

The cure for the cancer of gun culture and police culture is not to be found in reform laws around guns and police, but in reform ideas around culture, ideas that create a new dimension of American society that rejects LARPing and LARPers alike.

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In Praise of Bitcoin

By Ben Hunt | 58 Comments

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.

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Recent Notes

The Recipe for Agent Orange – The Projection Racket, Pt. 3

By Rusty Guinn

There is a true story of free market capitalism. It is one of humanity’s greatest and most important stories.

There is also a myth of free market capitalism. It is one of humanity’s most manipulated stories.

Read more

The MacGuffin, Part 2: The Story Arc of SBF and FTX

By Ben Hunt

The MacGuffin is the object of desire.

It is the thing around which the plot of the story revolves.

Here is the story arc of SBF and FTX, and the MacGuffin that anchored it all – the Magical Money Machine.

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Stock Buybacks!™ and the Monetization of Stock-Based Compensation

By Ben Hunt

I love stock buybacks, but I despise Stock Buybacks!™ – the issuance of new shares to management with one hand and the buying back of those shares with the other.

Over the past decade, Stock Buybacks!™ have transferred more than a trillion dollars from shareholders to managers. Not founders, not entrepreneurs, not risk-takers … managers.

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Cursed Knowledge #15: Sir Edmund Hillary Thinks You’re An Ass

By Harper Hunt

Mt Everest is a death trap. Everything about the mountain is designed to kill you. So why are so many people going up there? Why do we ignore the very real and very dangerous narratives that are right in our face.

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UK Pensions Webinar Recording

By Ben Hunt

This is the recording of our webinar on UK Pensions that took place on October 14th, 2022. If you want to continue the conversation, check out the ET Forum.

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A Brief History of the Past 10,000 Years of Monetary Policy and Why Last Week Was a Big Deal

By Ben Hunt

What we saw happen in the UK last week is the first shock, not the last, and all the massive pension funds and asset owners who have turned themselves into shadow hedge funds, full of swaps and leverage through the sweet whispers of Wall Street Wormtongue, will be our undoing.

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Cursed Knowledge #14: In Defense of Marie Antoinette

By Harper Hunt

Marie Antoinette has a rather interesting historical footprint. For all that her image is iconic and her reputation infamous, it’s not all the truth. The real Marie Antoinette has been lost to the cartoon of Marie Antoinette™. So I want to show you a glimpse at the real person behind the cartoon and take a closer look at how her cartoon got started.

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Monetary Policy is Non-Linear

By Ben Hunt

The relationship between interest rates and inflation is non-linear and non-monotonic, and in exactly the same way that the Fed was unable to spur inflation by cutting rates to exceptionally low levels, so will they be unable to contain inflation by hiking rates off these exceptionally low levels.

The Fed first has to get interest rates to this monotonic tipping point before further interest rate hikes will have any appreciable effect in the real economy.

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Cursed Knowledge #13: Subverting Censorship

By Harper Hunt

The Golden Age of Hollywood was full of drama. On and off screen. It was the age of carefully cultivated images. Fake names and secret procedures. And it was the age of censorship. The Hays Code and the censorship office had more influence on the film industry than any actor, director, or producer ever could. They had full control over what Hollywood made. Well, almost. There were still a few loopholes left to exploit.

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The Widening Gyre

By Ben Hunt

The widening gyre is eating America alive. It is the instrument of the Beast, a three-headed hydra of Big Politics, Big Media and Big Tech.

A third political party can be our weapon to slay the Beast, but not in the way you think.

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Why the Yankees Sucked in August

By Brent Donnelly

“The laws of probability, so true in general, so fallacious in particular.”

That was Edward Gibbon in 1774. This is ET contributor Brent Donnelly saying the same thing but in a much more entertaining way in 2022.

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Government Sponsorship and the Student Loan Crisis

By Marc Rubinstein

US student debt is no longer ordinary debt, but has morphed into a bizarre government tax-and-spend model.

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Sauron Remains Undefeated

By Ben Hunt

The US Treasury is the Eye of Sauron — a gigantic panopticon tower that sweeps the world with its unblinking gaze, seeking out the owners of power, i.e. money.

What Treasury did to Tornado Cash and its developers is just the beginning.

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Cursed Knowledge #12: Resurrectionists

By Harper Hunt

What’s in a name? Quite a bit actually. Names and titles can be all that’s needed to make some one a hero or a villain. So we’re looking at some villains who never got their proper title. People who were able to hide behind social standing and wealth to excuse their crimes.

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Narrative and Metaverse, Pt. 4 – Carrying the Fire

By Ben Hunt

This is how we resist the Long Now, how we find an alternative world to the endless present where the Party is always right. By connecting the human past to the human present to the human future. By carrying the fire of our own stories in our own words across the weave of time and space. By building an ark and an arc.

This is my faith.

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Before You Fly The Nest: Advice for kids heading to college

By Brent Donnelly

ET contributor Brent Donnelly went out and asked some people he respects what advice they would give kids heading off to college. Here’s what he found.

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The Most Important Sector in the Universe

By Marc Rubinstein

The total value of the Chinese residential property sector is approximately $60 trillion – twice the size of the US residential market and bigger than the entire US bond market. Bigger than the entire US stock market, too.

It is … ummm … having a moment.

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The Fifteen Faces of Fiat News

By Rusty Guinn

We’re building a Narrative Early Warning System (NEWS) as our first major research project in a larger effort to inoculate ourselves against the weaponized narratives of Big Tech, Big Media and Big Politics.

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Cursed Knowledge #11: Locks of Love

By Harper Hunt

Locks of Love is one of the most well known and well regarded charities in America. But things aren’t always what they seem. Sometimes the smokescreen of common knowledge can obscure what’s really going on. So join me in a look behind the curtain at America’s most beloved charity.

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Mailbag! Hollow Men Edition

By Ben Hunt

The Epsilon Theory commentariat is the best thing on the Internet today. Watch from a distance if you like, but when you’re ready … join us!

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Why Am I Reading This Now? 12.05.22

Recent major media stories that feel to us like they’re part of a larger narrative campaign.



Why Am I Reading This Now? 11.28.22

Recent major media stories that feel to us like they’re part of a larger narrative campaign.