A Brief Update
Hi Mathew. I subscribed to your Substack in recognition of your work on the GUT article, and also because I wanted to post my comments here, rather than on the ZH zoo.
I'm not invested in crypto, but I read the whole thing (pushing an overdue deadline of my own in the process!) This is just a great piece of journalism, lots of deep digging and dot connecting that I haven't seen elsewhere as I follow this important, suppressed story.
It's probably too much to expect the average reader to invest the time and, more urgently, thought required to process everything you lay out in this epic analysis. I had to laugh at the "7 out of 10, nice try" remark. One thing I learned coming up as a copywriter is that when offering a critique, it's not enough to say something doesn't work...you have to provide an alternative suggestion. As in, *here's* the missing perspective, and *these* crucial pieces are missing. Again, a bridge too far for sideline critics with no understanding of what it takes to produce a piece like this.
Glad to have found your work. Thanks for this one, and looking forward to the next.
I wish I could correct the typos in my tweet to zerohedge. Ha! That's what I get for typing when I am pissed.
There may have been one particularly crucial piece missing from the summary without which every explanation inadvertently becomes misdirection - the black budget beyond the black budget, which has been estimated at 21 trillion dollars over the last two decades. Other than Catherine Austin Fitts, not too many people understand how trillions secretly disappear from federal budgets and are repurposed. On what were those trillions spent? Secrecy is one answer.
Stock market manipulation (the 2001 Tech Pump & Dump) plus the Bailout add another $20 trillion to the other missing $21T. What did they buy for $41 trillion?
In addition to the overt Financial system and the black budgets, there's a separate, very large, Hidden Financial system pulling the strings which has shifted the locus of global control. This missing puzzle piece is the invisible elephant in the room.
Thank you for your big work, Mathew! We appreciate you so much.
I found your article on ZH and was immediately hooked. I apologize if I offended you and your fierce friend. I'm new to the substack subscription thing. It was a very impressive article in my humble opinion.
the comments are sometimes more interesting than the articles ! Specially those of people who seem to know nothing about the subject but give comment anyway (probably guilty myself sometimes)
Commenters have to say SOMETHING. Except for me, I got nothin'.
Some readers may be interested in another Substack piece that compares the FTX saga to that of BCCI 40 years ago:
"BCCI was a criminal enterprise that bought the appearance of legitimacy through donations and political contributions. BCCI used a convoluted corporate structure to obfuscate its activities. BCCI also managed to covertly take over a U.S.-based and -regulated bank and use it for money laundering. BCCI stole customer funds to hide losses, cover expenses, and give to insiders. BCCI was involved in massive money laundering and some of the biggest scandals of the time.
Don’t give up your rights Matthew!
It was an epic report that unpacked a lot to think about.
Half of ZH comments always end up making me think about putting a gun in my mouth. I can't imagine reading ZH comments of a story I put so much energy in.
Fabulous work, Matthew. I'm on my 3rd read through.
As for the ZH thing, admiration can be hazardous to your best interests.
Thoughts/suggestions; in re naming conventions/archetypes:
1) the myopic elite
2) the neo-imperials
John Kerry checks both boxes for me. Same for all that Schwabbery prancing the Yuval Fandango in their insatiable pursuit of narcissistic supply and other people's money.
"Welcome, your Excellencies."
There is no utopia without myopia or imperials to rule over it all.
ZH got banned from Twitter, early in 2020 for publishing a lab leak story. When I heard about this I started reading it which led me eventually to other folks on Substack and eventually to you Mathew. I hope you get lots more subscribers, especially paid ones.
Mathew has linked to a video of economist Richard Werner discussing bank credit creation. Here is a relatively recent speech, Q & A, and interview in which Werner discusses the push for CBDC. https://youtu.be/QECujWeIjpg
At 1:20:00 (during the interview) he talks about the name "Satoshi Nakamoto" and Bitcoin. I found the entire video enlightening.
I am partial to Wolf Richter's view of all crypto .... I find the incestuous nature of this phenomenon particularly fascinating ...
As in you have the originators of the cryptos manipulating the market driving up the value of each other's tokens in a big circle jerk of fraud....
They hire PR Companies to hype what is actually fraud --- and whip up FOMO amongst the gullible....
The gullible enter the casino (it is a casino there are no fundamentals - except of course who has the best fraud - but how can you really know when they are all fraudulent).... and punt their fiat and pull the handle hoping to hit the jackpot.
And the originators of this giant ponzi scheme are cashing out laughing at those infected with FOMO...
I know some folks who are in this FOMO cult ... but here's the thing... they do not believe it's fraud .. or a ponze... they truly believe. This is their new religion.
They believe Bitcoin (e.g.) is going to 500k ... cuz the PR Team said so. I know for a fact they also believe Safe and Effective - they are boosted.
Anyhow... I also know that they did not take $$$ off the table - that thing you can actually use to buy stuff.... how do I know that?
Cuz they were urging me -- you must own Bitcoin ... please just buy at least one -- when it was over 60k.... it's a bargain they said. Ah... so it's going to 500K? For sure they said - 100%.
I am sure they were taking their bonuses and buying more at 60k.
I passed on the 'opportunity'...
They don't mention Bitcoin anymore.
This pretty much sums up cryptos https://twitter.com/coryklippsten/status/1512539530682806275
I read 0hedge "daily" to find writers like Matthew. I've learned a lot and, have also finely-tuned my bullshitometer 💞 A path leads to many directions.
I have read 0hedge since debut (nearly 20 years?) and take some articles with a gram of salt.
Your piece was Exceptional.
Thank you for your excellent reporting - seeing and writing clearly, on patterns most do not notice.
I will be subscribing.