Kevin Duffy on the everything bust

As the tide goes out on the everything bubble, the first layer of uneconomic structures is being laid bare: cryptocurrencies, money-losing tech unicorns, expensive exercise equipment (Peloton), used car vending machines (Carvana) and even schemes to capture asteroids in a giant bag.  Meanwhile, Amazon warehouses, Tesla gigafactories, wokeness, ESG and the American empire are coming into view.  Still buried below the ocean floor: fiat currencies, central banking, fractional reserve banking and the myth of vigilant and protective regulation.

~ Kevin Duffy, "FTX Collapse," The Coffee Can Portfolio, p. 8, January 24, 2023