1.17.2023 – these illusory

these illusory
and ridiculous promises
never understood

My feeling that writers who write about economics get to use the best multisyllable words was reinforced by the NY Times opinion piece, The Crypto Collapse and the End of the Magical Thinking That Infected Capitalism, by Mihir A. Desai, a professor at Harvard Business School and Harvard Law School.

Mr. Desai gets to use wonderful $5 words when he writes:

Pervasive consumer-facing technology allowed individuals to believe that the latest platform company or arrogant tech entrepreneur could change everything. Anger after the 2008 global financial crisis created a receptivity to radical economic solutions, and disappointment with traditional politics displaced social ambitions onto the world of commerce. The hothouse of Covid’s peaks turbocharged all these impulses as we sat bored in front of screens, fueled by seemingly free money.

For me, this opinion piece was summed up in two sentences.

The first, These illusory and ridiculous promises share a common anti-establishment sentiment fueled by a technology that most of us never understood. Who needs governments, banks, the traditional internet or homespun wisdom when we can operate above and beyond?

Not only does it explain, for me the bitcoin fixation but most of the aspects of the covid era.

What I found fascinating was that Mr. Desai linked two worlds together for me.

There is this group, right, that for the most part, boiled down to its essence DOES NOT TRUST GOVERNMENT.

Vaccines, elections, gun rights and border control.

This group does not trust the government and wants the government out of their lives.

Who are these people?

As Mr. Desai pointed out, they are ANTI-ESTABLISHMENT.

They are the 1960’s HIPPIES come to life as 2020’s conservatives.

And at their core, just like the hippies, they are against everything.

As Brando said when asked, “ Hey Johnny, what are you rebelling against?“, replied, “Whadda you got?

Who needs governments, banks, the traditional internet or homespun wisdom when we can operate above and beyond?

And really what do these people want to accomplish?

Don’t ask me.

these illusory
and ridiculous promises
never understood

Not only did Mr. Desai explain identify this New Hippie Era to me, he also explained the mystery of cyber currency for me.

Mr. Desai writes, “Speculative assets without any economic function should be worth nothing.”

I feel that way and I am not a professor at Harvard Business School and Harvard Law School.

May I paraphrase and say, something without value is should be worth nothing!

BOY HOWDY!

What to do?

Of late James Garner’s tag line from that goofy old western, Support Your Local Sherriff, keeps coming to mind.

Me?

I am just passing through on my way to Australia.

these illusory
and ridiculous promises
never understood

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