> If all bank deposits are backed up by the full faith and credit of the U.S. government, banks in their capacity as depositories and payment processors are essentially public institutions.
That's the key insight. Why not cut out the middleman?
Ah, yes, the unprecedented "wealth generation" of VCs. Just perfect. No mention of the Fed juicing the market with ZIRP easy money for over a decade and (like you said) VCs inserting their rent-seeking in every existing social contract built up over the last few centuries. What geniuses! (How do we slap an ad on this? What multi-billion dollar losses can we book with a new app?) Where would we be without them? Maybe not facing the bursting of the biggest super-bubble ever which will, of course, invariably affect the poor and working classes more than anyone else. And they are so goddamned smart they don't even know the most basic risk management.
> If all bank deposits are backed up by the full faith and credit of the U.S. government, banks in their capacity as depositories and payment processors are essentially public institutions.
That's the key insight. Why not cut out the middleman?
Ah, yes, the unprecedented "wealth generation" of VCs. Just perfect. No mention of the Fed juicing the market with ZIRP easy money for over a decade and (like you said) VCs inserting their rent-seeking in every existing social contract built up over the last few centuries. What geniuses! (How do we slap an ad on this? What multi-billion dollar losses can we book with a new app?) Where would we be without them? Maybe not facing the bursting of the biggest super-bubble ever which will, of course, invariably affect the poor and working classes more than anyone else. And they are so goddamned smart they don't even know the most basic risk management.
Such a great breakdown!!! Thank you!
Is it better to root for or against the twitter brain rot of VCs?
REASONS IN FAVOR:
- lol
- Incredible self owns like buying twitter / SVB bank run / crypto / Blake Masters for Senate
- Fewer or different rent seeking platforms? (Like how we got TikTok)
- Eventually they must face consequences, right?
REASONS TO OPPOSE:
- Not exclusively self owns, see US Senator JD Vance
- Come on nobody that rich faces consequences, this is America!
- As other humans that share the same planet / non-meta verse (for now) - we are all also exposed to those consequences
Great read. The techno capitalist mindset is wild, but I imagine a lot of business twitter would respond this way if it was their sector
What would you say is the worst podcast?