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Bitcoin is Going to Bankrupt The Global Economy
Listen to economists, not hype.
Back in college, I used to tutor business majors in economics and history. They came to me with an F and left with a C or better. I read their textbooks and spoon fed them the material. The more they learned from me, the more arrogant they got. “I can’t believe you want to be a teacher,” they’d eventually say. “You’re never going to make a living doing this for the rest of your life. Why don’t you major in business? It’s easy.”
They had a point.
A lot of them would go on to land cushy jobs in finance or STEM, where all you ever had to be was average. Meanwhile, I would spend the next ten years killing myself to become the top 1 percent in my profession, only to end up barely making enough to get by.
Here’s my point:
The overconfident braggarts of the world always need more help than they’re willing to admit, and they always pretend to know more than they do. It’s time to stop letting them fool us. These guys couldn’t pass basic economics without help from an English major.
Now they’re juiced on crypto.
Whatever practical purposes lie in blockchain technology, it’s getting swallowed up in mania.
I’m concerned.
There’s always a flashing red sign.
Mania.
It’s the clearest sign of impending economic doom. Throughout history, frenzy precedes disaster. Tulips. Gold. Tech companies. Housing. Now it’s meme stocks and cryptocurrencies.
Everyone gets excited when there’s a chance at easy money. The talking heads make bigger and bolder promises. They hold up a shiny new object. They talk about market caps in the trillions. They fuel wild, reckless speculation. They trick people with little or no money into dumping it all into the latest hype. They talk about equality, when they mean the opposite.
It inevitably busts.
Some people come out on top. Everyone else loses everything. In the end, we’re all much worse off than before. Nobody learns anything. Instead we look for the nearest scapegoat.
