Sunday, January 21, 2018

Scammers And Schemers aka. "Third World"

The less a nation rewards hard work, the more it devolves into a cabal of zero sum scammers and rent-seekers. It's not "theft", if everyone understands the rules. At least that's what we're told:

"No one is under any illusion that these are risky markets and that you can lose your whole investment. Bubbles create winners and losers"

"We’ve gone from a culture that prized hard work, frugality and discretion as the central tenets of the American Dream to a culture that prized celebrity, bling and narcissism"

The lack of a sound retirement system has turned our society into a cabal of gamblers. Once upon a time, companies offered pensions which incentivized workers to stay long-term at those companies to garner full retirement benefits. When that pact got broken by *free trade*, we were left with IRA/401k retirement gambling accounts and "Social Security". We were at the mercy of the relentless Wall Street pump and dump. Next, RepubliCons systematically raided the Social Security inflows to pay for successive tax cuts for the ultra-wealthy. No surprise, now that the system is insolvent, Republicans say we need "entitlement reform" to pay for the latest tax cut:

"The driver of our debt is the structure of Social Security and Medicare for future beneficiaries,” Sen. Marco Rubio (R-Fla.) said last week."

The driver of debt can't be the $1.5 trillion tax cut, so it must be "entitlements". Here's the thing about "entitlements" - I don't seem to recall a line item on my paycheck called "tax cut for Bill Gates", but I do recall a line item for Social Security. In other words, it's not an 'entitlement', it's just another RepubliCon MOTHER FUCKING SCAM.

Where was I...

The fact that no one has panicked yet in Crypto land is testament to the overwhelming power of suggestion. Gamblers are sliding down the slope of hope...

I had a colleague from Pakistan who once told me that everyone in Pakistan has servants - even the servants have servants. All I could think at the time was, how the fuck did I hire this guy? 

Unfortunately, that's not mathematically possible, but it did augment my enlightment on the fact that human beings are quite inured to the exploitation of their fellow (wo)man. And, the less a society rewards hard work, the more people will seek "alternate" means of gaining wealth. Finally someone is honest about their Bitcoin "investment":

Words of a Millenial:
"We invest in bitcoin because we are BROKE, and you cannot earn any significant amount by working. And honestly, this entire market proves what we all suspected. Working is for suckers, it will not get you ahead, and money makes money"

"...I made several times my salary in bitcoin last year, and I have a small group of friends who have all made $200,000+ in this market…for doing NOTHING. No one is under any illusion that these are risky markets and that you can lose your whole investment"

Bubbles create winners and losers"

Any questions?

Ironically, just one day later, Zerohedge then informs us that Cryptos are here to stay, as a bulwark against the corrupt banking system. Apparently no one on that site is responsible for quality control much less consistency control. Account holders at Wells Fargo lost a few dollars each, not their entire life savings. Which is where things are heading in crypto land.

These are the top four cryptos by market cap:

"No one is under any illusion that these are risky markets and that you can lose your whole investment

Bubbles create winners and losers"

As long as everyone understands the rules; nevertheless I'm guessing that it's just another situation where they say they "know", but they really don't...

Speaking of a lazy generation, nothing comes close to Generation Madoff...

"Printing money was their secret to effortless wealth"