Don't hate the trillionaire, hate what he has a trillion of.
Ideas to take with you.
- 01
A debt-based monetary system has only one steady state, continued expansion, because contraction triggers cascading defaults the system cannot absorb.
- 02
Wealth concentration near the point of money creation is structural, so the identity of the first trillionaire is interchangeable but the outcome is not.
- 03
An IPO is a revaluation event, not a value-creation event, and demand for late-stage equity partly reflects ordinary savers trying to outrun debasement.
- 04
Power-law winner-take-all dynamics observed in the digital economy are a property of broken money operating in a digital substrate, not of the digital substrate itself.
- 05
Genuine value creation and structural extraction can both be true of the same company at the same time, and refusing to hold both makes the diagnosis worse.
