Liquidity Reversing
Essay One | Twenty Twenty Five
Alexander Pope wrote of the popping of the South Sea Bubble:
“Most people thought the time would come, but no man prepared for it; no man considered it would come like a Thief in the Night. . . . They have dreamed out their dream, and awakening have found nothing in their hands.”
In essay one for 2025, I explore where money may flow, considering;
Fartcoin has no economic value.
MSTR is a monstrosity.
Nvidia should not be worth 13% of U.S. GDP.
Wildly insolvent entities should not be able to issue 10-year debt at a 4.6% nominal yield.
The dollar is greatly overvalued at 1/2,660th of an ounce gold.
