Piggybacking on last week's issue dedicated to elite overproduction, I thought I'd highlight these two trends to help drive home the point. As mentioned last week, I believe a lot of the vitriol we're seeing sweep through the United States right now is because of people who feel slighted by a system that promised them financial superiority over the working class. A generation went tens of thousands of dollars into debt to attain a degree that isn't providing the expected returns that would thrust them into the "elite" class. Now, the only thing they can use to separate themselves from the knuckle dragging working class is some sort of moral superiority. This has produced the phenomena known as Woke Capital.
Unfortunately, it seems like this trend is only going to get worse. Especially considering the havoc a shutdown of the economy is having on the labor market. We find ourselves in the midst of a perfect shitstorm made up of the aforementioned elite overproduction via our university system, a rapid increase in permanent job losses throughout the economy, and a quickening trend towards even less available jobs sought by those hoping to climb into the "elite" class as companies across the country realize how much they can accomplish with leaner teams as they are forced to adapt to the shutdowns. I hate to say it, but unless we begin solving the core of the problem to all of this - a central banking system run amok that incentivizes a massive misallocation of capital while making it impossible for the Common Man to accumulate and save capital over time - this is only going to get worse. Much worse.
Now we have the individuals burdened with fresh student loan debt joining a collapsing job market in which they will compete with freshly unemployed individuals burdened with slightly less student loan debt. And let's not forget, most of them will be competing for jobs that don't really benefit society overall or individual happiness at all. They'll head to the widget factory to do their part in maintaining a culture of mindless conspicuous consumption. It's what our monetary system demands. Another dog walking app. Another restaurant rating app. Another app where you can signal your virtues. All to keep the music playing so we can pay back the debt we've accrued while completely borking our currency.
The long-term harm that will be wrought from the follies of Central Banking is unfathomable. By prohibiting a free market for money to proliferate, the Federal Reserve and its counterparts around the world have turned the world into a feudal state. The mass of men are debt slaves working to justify the mistakes of very few men. Do you like being a debt slave?
No, I didn't think so.
The good thing is it doesn't have to be this way. We can slowly but surely get back to a world that respects the individual and his money. Bitcoin provides this opportunity. A sound money standard that comes with a world that has adopted bitcoin would allow individuals to get out of the rat race to create useless widgets. It would disincentivize the actions that have led to elite overproduction. People would focus on building things that last. Things that matter. Things that bring individuals happiness and personal fulfillment instead of constant anxiety and existential dread.
Incentives matter. And the incentives of the dominant monetary paradigm today produce an overworked, out of shape, unfulfilled, relatively poor, and uneducated populace that is addicted to a sick culture of vanity driven by social media and a "keeping up with the Jones'" mentality. This culture of vanity and envy is only made possible by the fact that the economic paradigm has made it nearly impossible for the Common Man to find inner fulfillment through hard, worthwhile work. He must instead seek this fulfillment from his peers who are stuck in the same twisted game. This is not the future I want for my children. This is why I Bitcoin.
Fix the money, fix the world.
This song was even better live, which is a hard feat for any band.