The “virtual lifestyle”
Is compromised all to Hell and gone, fraught with risks and hazards we know not of, but dismiss or ignore at our direst peril.
The planet seems to have some teleological drive to save itself, a kind of immune system. Notice: in all the ongoing debates about the wonders and dangers of A-I, and Bitcoin, and suffocating surveillance, nobody ever talks about the sketchy condition of the electric grid that all these worrisome phenomena utterly rely on. In our chatter over Peak Oil, there’s little awareness of oil production’s utter dependence on steady capital flows. In all the guff about centralized control emitted by Klaus Schwab and his World Economic Forum, there’s no mention of the centrifugal forces driving human affairs to re-localization, dis-aggregation of large states, and down-scaling of many activities. In our zeal to become Gods, we miss a lot.
Imagine: Bitcoin shoots up to a million dollars. You’re a zillionaire! Uh Oh…somewhere outside Zaneseville, Ohio, a squirrel takes a final chaw through some old insulation on a wire coming out of a transformer. His head blows up in a blue arc flash, and in a few seconds all the electricity goes out from Chicago to Boston. It turns out that seventeen substations in ten states have blown relays, transformers, and switchgear. Some of those components were forty years old and are now manufactured twelve thousand miles away in a country that doesn’t like us anymore. The replacement parts get held up in a Chinese port. The power doesn’t come back on for weeks. Nobody who lives in the eastern USA can get to his Bitcoin wallet, which is just a virtual entity made of computer code residing in a digital “cloud,” i.e., nowhere real.
Of course, in an event that bad, a lot of other things would fail — really just about everything that comprises modern life — but for sure you could kiss your Bitcoin goodbye, perhaps forever, because by the time the juice comes back on (if it even does), nobody will ever again want to invest their wealth in digital “money” they can’t access, and Bitcoin will go back to whence it came: zero.
Likewise, the financial system we depend on is a gigantic apparatus grown extremely janky from over-elaboration and hyper-complexity — to the degree that all kinds of things denoted as having “moneyness” are simply hallucinations of the markets that trade them. How many quadrillions of dollars do “derivative” financial instruments represent on the landscape of “money” these days? Most of these things amount to little more than bets that some number — an interest rate, a currency, a revenue flow — will change either up or down. That is, they are figments.
Bitcoin has gone “hockey stick” the past month, meaning on a chart the move up looks nearly vertical. Do you know why it’s going up? I’ll tell you: it’s going up…because it’s going up. People and groups of people (wealth funds, banks) see the up-trend and deduce that Bitcoin is going “to the moon.” Meanwhile, they view the tea leaves of the currency scene and see a lot of brown, crumbly debris where there used to be “capital.” The money itself is losing its “moneyness” all over the place. The most vulnerable module of the system now is the bond market.
Many sentient beings viewing the scene warn us that the bond market is liable to blow, and with it most of the other modules in the current MMT-driven system. That will be the magic moment when a big theory gets disproven rather vividly and injuriously. The price of everything will vaporize in a mushroom cloud of malinvestment and when the dust settles — which might take a long time — everything will be priced differently, including many things to zero.
This is the kind of world we’re in now, and all this is why I don’t worry quite so much about the machinations of the various blobs that have self-assembled to defend their particular special interests while doing harm to many of us: the military-industrial blob, the censorship blob, the fake news blob, the intel blob, the corporate monopoly blob, the medical blob, the central banking blob. The systems we depend on to make all things blobish function are looking pretty ill, like they’re not going be working a whole lot longer.
Unlikely though it may seem, the tale has a happy ending (of sorts), which you’ll want to click on over to read.