I’m actually frustrated, sitting here telling people what I’ve told you for years now: Cryptocurrency has no utility. It makes no product, it has no customers, it serves no purpose. It was a digital Mario Kart coin for adult gamers to want to collect. It was vapor with a cult following. It is not a store of value, it can never be a currency because of its volatility, it is not a hedge against inflation, it’s not a hedge against disinflation, it does not trade like gold. It does nothing, serves nothing, produces nothing. It drains enormous electrical power to maintain itself (at your expense, by the way). And now you know the granddaddy of all crypto coins was created by a centralized cabal of child predators. Its purpose? To allow rich criminals to launder money internationally. The faster we get crypto in the dustbin of history, the better off we all will be. We’ve got a lot of problems with fiat money systems, but crypto was never going to be the solution.

If you obsess over stocks (or crypto, which is where stock buyers who were dropped on their heads as infants spend their day), you won’t understand the severity of these kinds of moves in bond yields. Bonds are being DUMPED in massive amounts. There is ZERO buying interest. This run-up in yields across the duration curve has preceded nearly every major drop in economic activity and equity markets for decades.

I predict that “your needs are handled by real people, not AI,” will quickly become a key value proposition for many service industries. Our tech overlords dramatically overestimated AI sentiment and adoption.