I think some people look at this arrangement and say “This is unsustainable, the cards have to come down at some point”, because it is a fucking stupid way to run an economy.

But, like… the money keeps flowing. And it keeps flowing because the Fed and the Treasury are implicitly backstopping the malinvestment. And their pockets are functionally endless.

I wish you could just roll your eyes and make these abhorrent economic decisions stop. But I’m afraid these people might legit die trillionaires without a regret in the world (other than failing to solve Immortality Science with an LLM), because we’ve stacked the economic deck so high up in their favor.