As Donald Trump took the oath of office on Jan. 20, he was flanked by some of the world’s wealthiest people. The billionaires present that day — including Elon Musk, Jeff Bezos and Mark Zuckerberg — had never been richer, flush with big gains from frothy stock markets.
You know that thing where chatbots talk to each other and it gets progressively more and more nonsensical and bonkers?
I imagine a scenario kind of like this, but with billionaires telling each other that they’re billionaires and it’s fine to loan money because they have speculative collateral. So billionaires will borrow from billionaires who cover the bill by borrowing from other billionaires who borrow from the first billionaire I mentioned, all because “they’re good for it. Look at how much stock they own.”
Meanwhile they all have functionally nothing in liquid.
You know that thing where chatbots talk to each other and it gets progressively more and more nonsensical and bonkers?
I imagine a scenario kind of like this, but with billionaires telling each other that they’re billionaires and it’s fine to loan money because they have speculative collateral. So billionaires will borrow from billionaires who cover the bill by borrowing from other billionaires who borrow from the first billionaire I mentioned, all because “they’re good for it. Look at how much stock they own.”
Meanwhile they all have functionally nothing in liquid.