Pretty amazing watch the curtain in front of crony capitalism fall before our eyes. Fed buying corporate bonds, considering equity. Fiscal bailouts for c-suite execs 100x as large as for workers. This is a giant wealth transfer from average savers to wealthy investors.

2/ imo, we’ll look back on this as the end of the US as the monolithic global super, the end of PAX Americana, the end of the post-Bretton Woods fiat driven global economy. it won’t be the end of the world or the economy. We’ll be somewhat okay, but it’s the end of the illusion.

3/ this is when general cynicism about politicians or crony capitalism turns to open disgust over a “rigged” kleptocracy. Its when our leaders don’t even bother lying “well” anymore, and just look into the camera and claim they didn’t say what we heard them say last week.

4/ this is when we give up on fact checking. Give up on financial modeling, give up on value investing. Bonds and stocks are a bet on who politicians are going to transfer our money too, and those transfers get skimmed before even making it to the bond holders.

5/ if you’re not fortunate enough to be a Mar A Lago regular, you’re screwed in this environment, because this is now an economy where winners are chosen by political proximity, not merit. My own portfolio is 1/3 cash, 1/3 bitcoin, 1/3 gold. I’ll probably get out of cash soon.