Monetary authorities’ negligence fueled this bubble—its collapse risks triggering a depression. Bitcoin is not just a liquidity gauge, it’s a full-blown idiocracy gauge. Easing now is by far Powell’s biggest and dumbest mistake of all time.

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“America is over-owned, overvalued & overhyped to a degree never seen before. As with all bubbles, it is hard to know when this one will deflate, or what will trigger its decline.” —Ruchir Sharma, writing in the FT


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