Doug Casey: Trends in motion tend to stay in motion until they reach a climax, a crisis, at which point anything can happen.
We’re headed for a gigantic world crisis. My guess is that the long-standing trend towards Big Tech getting bigger and more powerful won’t continue—in other words, Big Tech is in the same position that Big Oil was in 1980. It looked like they were going to take over the world. Oil stocks were over 30% of the S&P 500, but today, they’re under 3%.
Big business in general, and now Big Tech in particular, have always had a very cozy relationship with big government—and big government likes that. The two of them fit together like a hand in glove. Big government funnels contracts to Big Tech, and Big Tech acts as the State’s handmaiden.
It’s part of why the average guy has lost faith in government, corporations, and our institutions. They’re now losing faith in the money as inflation rises. When the stock market crashes, they’re going to lose faith in the financial markets.
Massive societal change is looming. But that doesn’t mean the cultures of either Big Tech companies or the government are going to change. Why? Because throughout society, the elite are overwhelmingly statist and collectivist oriented. They’re quite comfortable and don’t want to rock the boat.
The Big Tech companies all started small, founded by entrepreneurial geniuses. Now, however, they’re gigantic and mostly run by managers, “suits,” who have no skin in the game other than shares they get through option grants. They’re so large that they resemble dinosaurs at the end of the Cretaceous. After a certain point, however, the bigger a company gets, the less efficient it becomes. It can’t be managed properly, and it falls apart.
As the crisis unfolds, I think these companies are going to fall apart. Their share prices certainly will.
~ Doug Casey, "Doug Casey's Next 5 Shocking Predictions...," International Man, July 22, 2021
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