This was the deal at the House of Meats near our place:
- Yellow plantains for 59¢ each, or:
- 3 for $1.99
I got a better deal by buying 4.
Categories
Poorly-priced plantains
Category: Money
The postcard
This postcard appeared in our mailbox this morning — here’s the front…
…and here’s the back:
Note that there’s no postmark, which means that it was delivered by hand. How oddly and delightfully analog!
The link takes you to a simply but nicely designed page that makes the standard Bitcoin pitch that’s been around for years, with the usual talking points such as the expanding money supply and inflation, the fixed supply of Bitcoin, “it’s digital money and a computer network!”, and a couple of bits about how Bitcoin “isn’t volatile” and that “Bitcoin help stabilize the Texas energy grid through mining.” I’m not sure how that last one can possibly be true.
The “wrong number” text message
Later, just before 2:00 p.m., I got a text message from an unrecognized number: “When is your birthday?”
Just for kicks, I turned it into a conversation:
In case you were wondering, Nguyet Anh Duong is known in US defense circles as “The Bomb Lady” for her work on developing a thermobaric weapon.
Here’s the last bit of our conversation:
Blame my inner 14-year-old: the town name “Mianus” will always be funny to me.
This is most likely a “pig butchering” style scam. It takes its name from the fact that you fatten up a pig before killing it for its meat. The term comes from the land of delicious char siu pork, China, where it originated. It’s now practiced here in North America to great effect: recently, a woman who matched up with a scammer on Hinge ended up losing $300,000 and a man lost $1 million.
Sometimes it starts via a dating or social media app, but another common approach is the text from a stranger with an attractive profile picture. The initial text messages make it look like they’re texting a wrong number, and after some seemingly-embarrassed apologies, the scammer strikes up a conversation. Then, as they gain your confidence, they start steering you towards some kind of questionable online investment, preferably one that makes the money hard to track once it’s gone.
Chances are that whoever’s supervising the texter playing “Tina” saw my responses and said “Stop wasting your time; this guy’s just yanking your chain,” which is exactly the case.
There’s an episode of the Jordan Harbinger Show on the topic of pig butchering — you can either listen to it or watch it below:
Click to view the financial catastrophism at full size.
If you visit YouTube but don’t sign in, its suggested videos are based on best guesses based on trends, your location, your recent browsing history and a few other factors. I do this from time to time to see what sort of things YouTube’s recommendation algorithm serves up.
Click to view the financial catastrophism at full size.
Last night, it suggested videos from the FREENVESTING channel (and no, I’m not linking to those jackals), which simply describes itself as “An inspiring channel for those who are seeking growth.” Established on September 1, 2020, it’s accumulated nearly 100 million views to date, and it appears to have done so by harnessing the fear of financial doomscrollers.
Click to view the financial catastrophism at full size.
The videos feature financial gurus of varying quality. Some are more respectable, such as Warren Buffett and Charlie Munger. Some are semi-respectable: Ray Dalio and Cathie Wood. And then there are the outright assclowns — I’m lookin’ at you, Robert Kiyosaki and Dave Ramsey.
Click to view the financial catastrophism at full size.
The videos may change, but the themes and titles on the thumbnails stay the same:
- Don’t buy anything for 18 months
- Tell your family to prepare
- Why is nobody talking about this
- Everyone is going to be wiped out
- Most people will lose everything
- And my favorite, the “collapse” titles, which typically are:
- The collapse is coming
- The collapse has begun
- The collapse never ends
The channel was a little more “tips and tricks from the rich” in the beginning…
Click to view the financial catastrophism at full size.
…and they certainly covered all the angles, as you can see from these two contradictory videos, which were released one after the other:
But like any good YouTuber, they did some experimenting and found a winning formula with this gem from Mr. “Rich Shill, Poor Audience”:
…and it’s been doom-a-rama ever since.
You’d think it might be enough to say “watch this channel, but only to recognize hucksters when you see them,” or to learn some tricks if you’re an aspiring YouTuber, but I recommend doing so very sparingly. This sort of fear-based stuff has a way of getting in your head, even if you’re trying to watch it objectively and from a distance.
Categories
The Three Laws of Money
I remember hearing The Three Laws of Money from OpenCola’s cofounder John Henson when I worked there — 2000 through 2002 — during those high-flying days at the end of the dot-com bubble. He said he heard it from someone else, but I can’t remember whom.
In light of everything that’s happened with cryptocurrency this year, I thought I’d post this and remind everyone of rule three.
Once again, the Three Laws of Money are:
- MORE money is better than LESS money. Obvious, but sometimes we need to be reminded of the obvious. More money means you can buy more goods and services, have more influence, and invest more to increase your money supply.
- Money NOW is better than money LATER. This is a greatly simplified summary of the time value of money: a dollar (or pick your favorite currency) today is worth more than the same dollar in the future.
- REAL money is better than FAKE money. And real vs. fake isn’t an either-or thing, but two ends of a spectrum. The more people that accept a kind of money, the more “real” it is. As the de facto world reserve currency, the U.S. dollar is very real. The Iranian Rial, the cheapest currency in the world at the time of writing, is less “real”. I will leave determining the “reality” of cryptocurrencies as an exercise for the reader.
First, there was the Spirit Venture Capitalist costume, and now there’s this one: “Freelance Recruiter Who Ghosted You.” I see more of these coming.
Thanks to Ken Nickerson for the find!
Some noteworthy facts from a recent post in Jordan Uhl’s newsletter, I Hate It Here And Never Want To Leave:
- I’ll open with a direct quote from the newsletter: 75% of middle-income families say their wages are falling behind inflation, according to a new report from Primerica and Change Research. 77% say they’re expecting and preparing for a recession, with 71% already cutting back on spending to help make ends meet.
- Corporate profits are at 70-year record highs. Since 2020, the after-tax profits made by corporations who aren’t in the business of finance have grown by a trillion dollars:
Tap to view at full size. You can also see this graph at its source. - There was a record level of stock buybacks: $882 billion! A stock buyback is the act of a publicly traded company (one that issues stock to the public) using cash to buy its own stock on the open market. This reduces the supply of the company’s available stock, raising its price, which is what shareholders like.
- The rise in global food prices…
…has created 62 new “food billionaires” in the past two years. If you combine the energy-for-biologicals industry (food) with the energy-for-machines industry (what we call “energy”), they’ve grown their fortune by nearly half a trillion dollars in the past two years. - I’ll close with another direct quote from the newsletter: “The average S&P 500 CEO received $18.3 million in total compensation in 2021, an increase of 18% in one year. During that same period, average hourly earnings for workers fell 2.4%.”
At the same time, you’ve got the hue and cry from the executive class, with that same old “nobody wants to work” refrain. It’s nothing new, and suggests that the current situation isn’t a labor shortage, but a wages and worker treatment shortage:
