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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.

Did wages rise 10-fold to match the 10-fold rise in the cost of a modest house? No. That is social recession in a nutshell.

This time around, the Fed may not be able to “save” the bubble from a complete round-trip deflation, which history suggests might decline by 50%.

Owning nothing isn’t happiness. Owning control of one’s life and purpose is happiness.

The less self-congratulatory camp of the super-wealthy understand the pressure cooker of inequality and unfairness is going to blow unless they relinquish some of their unearned gains generated by Fed policies.

As the high generated by the previous iteration of financial repression wears off, the dose increases, as do the stakes when that high wears off.