You know, everyone is all in a tizzy about Softbank paying Adam Neumann $1.7 billion just to go away.
My unpopular opinion: the Adam Neumann story is repeated in a non-infuriating and non-obvious way every day in every S&P 500 company. And it’s been going on for a DECADE.
One day we will recognize the defining Zeitgeist of the Obama/Trump years as an unparalleled transfer of wealth to the managerial class.
ET In Full
“I’m a superstitious man, and if some unlucky accident should befall him — if he should get shot in the head by a police officer, or if he should hang himself in his jail cell, or if he’s struck by a bolt of lightning — then I’m going to blame some of the people in this room.” – Vito Corleone
The Nudging State and the Nudging Oligarchy cannot be defeated on a single point of failure like Jeffrey Epstein’s testimony at trial. Or like the bankruptcy of AIG.
But a million effin’ points of failure? A refusal to vote for ridiculous candidates and buy ridiculous securities? A refusal AT SCALE?
Yeah, that can work.
The Long Now is everything we pull into the present from our future selves and our children.
The Long Now is the constant stimulus that Management applies to our economy and the constant fear that Management applies to our politics.
We are told that the economic stimulus and the political fear of the Long Now are costless, when in fact they cost us … everything.
There is another way.
Mark Zuckerberg is not The Spanish Prisoner. He’s the guy running the con.
Libra, the cryptocoin promoted by Facebook, is a classic Spanish Prisoner con. This is how the State and the Oligarchy co-opt crypto. Not with the heel of a jackboot. But with the glamour of convenience and narrative.
Bitcoin will be permanently diminished in its social importance by the adoption of Libra and other Oligarchy-sponsored and State-embracing crypto currencies. Bitcoin will never again MEAN what it used to mean.
I was mad, and I was going to write an article about what had made me mad.
Except I was wrong. And the truth about what is happening in media should be much more concerning. It is seductive in ways that will make it difficult to resist for anyone who hasn’t decided to pay attention to those who would tell us what the crowd thinks the crowd thinks.
The Half-Happy Horror is the realization that pursuit of multiple objectives can end up with a baby split in two.
At best we give lip service to secondary or tertiary goals, all as part of some cartoon we’ve constructed about our “process”.
Yes, optimization is a scourge, and it hits every aspect of modern life. It hits the professional investor hardest of all.
The recent rally in U.S. equities is largely a result of market participants believing they can have their rate-cut cake and eat it, too.
ET contributor Pete Cecchini doesn’t think the Fed will cut rates proactively. Will they cut? Sure. But only if the real-world economic data deteriorates further. Which it probably will.
But don’t eat that cake just yet.
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In which Ben and Rusty discuss the three Ps of the narrative of a functioning government – and why their cartoons are being stretched to the limit.
It’s the August 27th edition of Epsilon Theory Live! In which political, economic and markets nihilism are the order of the day.
It’s the July 30th, 2019 ET Live! Today, we’re all MMT’ers, or at least that’s the narrative in political space. But what about markets?