Annual note to self: most of the world exists outside the tech bubble
Working class people are being subjected to ultra efficient hypercapitalism, as in Uber drivers discovering they worked for free when they need to purchase a new car.<p>Meanwhile Wall Street has been bailed out 2 times in the last 15 years alone with monetary policy. How many people went to jail? (And they haven’t learned a thing, on the contrary and quite spectacularly so.)<p>If you want to know where the tech bubble comes from, don’t think about the talent pool in SV.<p>Think 2008 and central banks. It&#x27;s not normal for investors to accept visionaries wasting endless billions for years on end. Except when the availability of capital appears infinite and risk appears almost non-existent.<p>In contrast, a big group of people stagnate and even get squeezed. Not rich enough to enjoy the high life of the zero&#x2F;negative yield world. Or to overcome decades of inflation. Not poor enough to just give up and go on food stamps.<p>Ultimately, it’s not about a tech bubble. It’s about a credit cycle on steroids, held together with spit, rope and gum and massive moral hazard. Who gets access to the funny money first? And who will be left holding the bag?