It's fitting that the all time high in global risk markets is attended by a level of stupidity that is asinine even by today's standards of Artificial Intelligence. This is what happens when central banks manipulate markets for over a decade straight. The masses start to believe in magic money. And the people who should know better, can't let a good opportunity pass them by...
Fittingly, this week features a crypto conference fatefully called "Consensus", headlined by several of the biggest pump and dump assholes of our time. Elon Musk and Dave Portnoy couldn't take time away from market manipulation to join the conference. The primary topic will be how everyone can create fake wealth out of hot air. A skill that currently only today's top scam artists possess:
Having studied central banks since 2008, the crypto industry has figured out how to branch off from centralized Ponzi asset levitation to de-centralized Ponzi asset levitation. The main theory is that eventually everyone will have their own cryptocurrency which they will bid up using their own life savings. Everyone will be their own central bank and hold FOMC meetings every six weeks to determine the appropriate "difficulty" on the network. Then, they will wait until everyone else jumps onboard their unique token. Key skills taught at the conference will include how to convince other people to buy your ShitCoin. The goal is that everyone comes out a multi-millionaire.
Here we see the DogeCoin pump and dump cycle which was amplified by tweets from Mark Cuban and Elon Musk. This week, Mark Cuban who endorsed DogeCoin just a few weeks ago, now says the rally is over.
It all started when Cuban said he was teaching his son how to "invest":
What crypto is in a nutshell is a massive con job masquerading as a pseudo-intellectual technology breakthrough. Speaking as someone with 25 years of IT experience - 15 as a programmer - I'm not impressed by the argument that I don't understand this new financial revolution. Especially when I'm told this by people with ZERO technical background.
The people who've embraced this new alchemy have invented their own techno-babble. The theory behind it is that the more ludicrously asinine it sounds, the more adherents it will attract. Which happens to be the Zerohedge formula stolen from Faux News. Given the overall collapse in IQ over the past decades, it's guaranteed to be highly profitable.
Today we learned the PancakeSwap crashed the Bunny market:
"The attack is the latest in a series of exploits on decentralized finance protocols operating on the Binance Smart Chain"
This is the perfect way for human history's biggest asset bubble to end. The losses that are about to take place will be cataclysmic to true believers in Globalized Ponzi schemes.
Central banks in league with other scam artists have ensured that the vast majority are on the same side of the risk boat. Stock market short interest is at a RECORD LOW.
Hedging via the options market has been made impossible due to continuous volatility compression.
The market is 100% casino now as Jack Bogle warned it would become many years ago.
"The gains on the S&P 500 over the past decade equal about 12% a year above the level of inflation. But historically U.S. stocks have only produced about half that"
after tax corporate profits account for about 10% of GDP—about twice what they did during the Reagan administration"
Record price earnings multiple. Record profits as share of the economy. Peak Baby Boomer retirement.
Recipe for "unforeseen" disaster, wherein the two largest generations have colluded in order to agree on one thing - this MUST go on forever.
However when it explodes unexpectedly, I predict record lawsuits and record jail time for today's record scam artists.
GAMBLE AT YOUR OWN RISK.
