I’m struck this morning by signs of utter economic delusion.
- An image of the word "Test" sold for $270,000 as an NFT.
- The Economist, normally fairly sane and sober, call the U.S. "the winner" because we spilled 722% more electricity on the ground, year-over-year, processing block-chain currency transactions — and we did so because China had the good sense to pull back from such wankery.
- The Economist is going to sell an NFT of a recent Alice in Wonderland themed cover.
And of course, the SPAC for Trump’s "Truth Social" is soaring:
So this stock went from $9 to $94 in 48 hours not because anyone thought that Truth Social could make a profit—as Levine notes, the company business plan does not even include a dollar sign, anywhere—but because one group of people will buy anything Trump and another group of people knows about the existence of that first group.
This is the rare case where I’m fully prepared to testify to Donald Trump’s business acumen: He’s going to make a killing on Trump social because he has a keen understanding, not of the market, but of the marks.
Jonathan V. Last, Memestocks + SPACs + NFTs = Trump Social
The tulip craze has nothing on us.
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One thought on “Madness. Sheer madness.”
It doesn’t *feel* as if we have too much money, but apparently we do.
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