Robert ReichNov 23, 2022

Out of control speculation led to the Great Crash of 1929.

Wall Street deregulation led to the financial crisis of 2008.

Crypto delusion led to the crypto crash in 2022.

The worst is yet to come — just look at FTX.

All Ponzi schemes topple eventually. Crypto is no different.

Show threadMike
@rbreich It’s no coincidence that all of those things happened at times of high inequality. Too much investment capital reduces returns on normal investments. People respond by making riskier bets.
Nov 23, 2022 at 11:35pmWeb