Animation: QuickHoney Intelligencer’s Jebediah Reed spoke to Scott Galloway, a host of the New York and Vox Media podcasts Pivot and The Prof G Show, respectively, about the transformation of the economy.
What I think will emerge — what’s most tragic about the meme-stock movement — is that, sure, there are some people on Reddit who made some money, but when all this unwinds, we’re going to find out it was the same hedge funds and entrenched players who made the majority of the money. It’s ironic. It’s like trying to understand Trump voters who are voting for someone who’s going to take away their health care.
That brings us to COVID and the bailouts. The government pumping trillions of new dollars into the economy. For example, the Paycheck Protection Program is nothing but a crime against the young. Some of the wealthiest people in America are small-business owners. Giving them nearly a trillion dollars is mostly a direct subsidy to rich people to keep them rich.
Assets have never been higher because we keep printing money and doing more stimulus. Yet as a percentage of GDP, wages have tanked. How do young people make money? Wages. And then who owns assets? Old rich people. So all we said is, “Okay, people who get the majority of their income through wages, i.e., young people, get screwed. And people who have the majority of their earnings or wealth in assets like real estate and stocks do really well.
We have decided, in this pandemic, that half a million people dying is bad but the NASDAQ declining would be tragic because it would reduce the wealth of old people. And again, we don’t even want to acknowledge that if the NASDAQ were to get cut in half, that’s bad for the existing rich, but it presents opportunities for the not yet rich.
Typically, digitization, when it comes into any sector or asset class, starts creating a consolidation. The top few players soak up all of the value. What’s crazy is it’s happening in currency. So I think what you’re seeing is bitcoin is becoming a major currency. We’ll have the euro, the Chinese yuan, the dollar, maybe the yen — and bitcoin. And then everything else just gets hammered.
One criticism might be that Stanford loses its mission to educate those freakishly remarkable middle- and lower-income kids. But whoever owns the coins could make them conditional. “I want it to be kids from the following Zip Codes who are raised in homes with single parents with household incomes of less than $70,000.” In other words, wealthy people, or even the government, could buy coins and then put smart contracts on top of the coin to determine who gets that seat.
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