Sane observers want to know, when do we reach the apex of stupidity? It's a great question, however in a society of limitless idiots all surprises are to the upside, until it all explodes unexpectedly...
"No one saw it coming"
"Dogecoin, the cryptocurrency branded after a viral dog meme from years ago, has a market capitalization of about $86 billion following a six-month climb of nearly 25,000 percent"
A joke crypto is now worth almost two Ford Motor Companies. You have to wonder why anyone goes to work anymore, when they can become millionaires by hanging out in Reddit chat rooms.
What we have now is a society of digital grifters roaming from one scam to the next.
Under the surface of this post-pandemic Ponzi scheme, the bodies are stacking up. It seems ages ago in late 2020 that pundits were breathlessly extolling "The Money Tree" Cathie Wood and her Ark Fund Ponzi ETFs. Then they crashed. Gamestop was the big story in January of this year, then it crashed. SPACs were the hot topic in February, then they crashed. The Nasdaq implosion in March took down the virtual economy stocks, plus Biotechs, Fintech, EVs/Solar, and pot stocks. That kept the assholes quiet for a few days. But then the BTFD team piled back into their favourite Tech stonks in March according to the monthly report from Ameritrade. In other words, after the Nasdaq crashed, home gamers INCREASED their risk exposure and their margin leverage. But it didn't help because those broken bubbles have languished and are now clinging to the March lows while the "inflation" trades have rocketed higher.
It's a tale of two markets. Both of which carry their own massively ignored risk. One market is skyrocketing higher, the other is imploding. What fairy tale to believe now? The red line will catch up to the black line and continue on to happily ever after. Record NYSE highs (lower pane) will expand to infinity.
In my estimation, below is the most bearish chart on the internet right now. It shows that the "high beta" cyclicals aka. Financials, Industrials, Transports, Retail, Energy stocks have closed above their 50 day moving average every day since the election. A record across two decades.
These stonks have now priced in paramount delusion aka. The Post-Pandemic Investment Hypothesis. The asinine belief that a locked down economy emerges far stronger than it was previously. The only question being why don't we lock down every other year? A belief held by today's predominant class of supertards who have stampeded anyone with an IQ greater than a shoe size.
Elon Musk, who is making his SNL appearance tonight, has put himself at the center of this mass Ponzi scheme. A key beneficiary of Cathie Wood's Ponzi empire, a key proponent of DogeCon, and a major buyer of BitCon. His own Ponzi stock makes no profit other than the one collected via carbon offsets from other car companies and from trading BitCon which has the carbon footprint of Pakistan, a country of 200 million people.
Tesla makes no money from selling cars.
In other words, Tesla gamblers must prepare for the reality that nothing changed in the past year except that other car companies are catching up to Tesla on EV technology and are way ahead on making cars.
Minting DogeCoin billions out of thin air is Elon Musk's and Jerome Powell's only remaining advantage.
Because they are both on the way to becoming a spent farce.
