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The system has reached the limits of its adaptability. Everything else is entertainment.

Loss of social trust has consequences.

If we want social / economic renewal, we have to make it straightforward for anyone willing to adopt the values and habits of “thrift, prudence, negotiation, and hard work” to climb the ladder to middle class security.

This raises another question: how will the deflation of the Everything Bubble play out?

Is an economy based on the wealth effect generated by front-running the front-runners really that stable?

Here’s a quick outline of a “rich guys Internet”, one where it costs money to participate but the payoff is a 10-fold improvement in the user experience.

Looking back, 2024 may well be viewed as insignificant compared to what lies ahead.

The younger generations expecting to inherit the immense wealth piled up by Boomers in home equity and stocks may be in for a shock.

Without being aware of it, we’ve privatized “free” speech in the form of digital monopolies.

Self-serving special interests are delighted to fill the void when local journalism disappears.

Markets are manipulated, yes, but they’re still structures of tightly bound, self-organizing complexity which lend themselves to sudden non-linear collapses.

Violent crashes followed by equally violent rip-your-face-off rallies as we experienced in August are not signs of a healthy, stable stock market.

Among the big winners of the Everything Bubble is–yes, I know you’re shocked–Wall Street.

The ‘novel, apocalyptic situation which has now arisen’ goes largely unrecognized.

When everyone finally leaves the La-La-Land casino and abandons the fairy tale, household wealth held in stocks is a fraction of what it was in the heady days of hot hands rotating into the next hot sector.

Rather than glory in success, we are better served by being extremely wary of success.

So here we are, with a handful of winners declaring the system is working great and high-fiving each other, too busy congratulating themselves to see the tsunami of karma racing toward shore.