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The (real) dead economy theory (permalink)
Here's a fun fact about Elon Musk: in 2020, his (nominal) net worth was $20b, and today it's $1t (nominally). But that's not the fun fact; this is: everything he's done since 2020 was a flop.
As John Quiggin writes, the pre-2020 Musk was the Musk of Tesla, batteries and Starlink. The post-2020 Musk is the Musk of Starship, robotaxis, Cybertrucks and Twitter – a string of commercial flops and assets that literally exploded. I would add that post-2020 Musk created the world's hungriest money-furnace, an automated child-porn production tool called "XAI":
https://crookedtimber.org/2026/06/15/one-big-grift/
Quiggin declares that this is the era in which "financial markets fail in the task of valuing assets accurately," and "the institutional structures that are supposed to make them work have given up trying." Nor did this start with the Spacex IPO. As Quiggin writes, Bitcoin and other cryptos were once shunned by nominally sober financial institutions like Goldman Sachs, but today, not only do all the big banks offer crypto services, people have largely stopped calling it cryptocurrency because no one is even pretending that it's a form of money. It's a tradeable collectible, not even particularly useful for paying for crimes or laundering money.
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