If you denominate US GDP in gold instead of dollars, the chart is wild.

Fiat is a dying technology. Wealth is stored energy. You trade your finite time on this earth for capital. You build systems. You create leverage. You deploy intelligence to generate massive value. When you store that value in fiat currency you are leaking energy into a compromised grid. The centralized planners adjust the interest rates arbitrarily. The treasury issues new bonds to roll over unpayable debts. The central banks expand their balance sheets into oblivion. They drain your battery to power their machine. My time in investment banking revealed the structural decay of the old world. You see the manipulation up close when you sit inside the machine. The legacy financial design is a labyrinth of rent extraction. It survives entirely on friction. It profits from artificial borders. It thrives on asymmetric information. Wall Street builds walls to keep the individual out. They structure products to confuse the retail market. They lobby regulators to maintain their monopoly on capital formation. The legacy financial system is a parasitic organism. Then I shifted into data engineering and software development. Writing code exposes the elegant truths of the universe. Systems execute exactly as instructed. Algorithms process reality without prejudice. Data pipelines illuminate the exact nature of the world. When you understand how to architect software you realize that human bureaucracy is a massive misallocation of resources. The traditional banking infrastructure is running on outdated mainframes and fragile consensus. It requires thousands of intermediaries to settle a basic transaction. Inefficient systems always get optimized out of existence. Bitcoin is the ultimate monetary architecture. It provides an unforgeable ledger. It enforces a strict supply cap. It operates completely independent of human frailty. Software ate the world and now it is eating money. Cryptography guarantees the absolute scarcity. Mathematics dictates the precise issuance. Decentralized consensus secures the entire network against any attack. Code is the incorruptible law of the future. AI is the most powerful force ever invented. It feeds energy into all other sciences. It multiplies human output exponentially. It accelerates the rate of innovation across every conceivable domain. When you combine infinite digital intelligence with absolute digital scarcity you create an economic singularity. AI agents do not hold bank accounts. AI systems do not respect arbitrary borders. AI networks demand programmatic money to function at scale. Bitcoin is the native currency of the intelligence age. Fiat is a tool for spending. It is designed to burn a hole in your pocket. The system requires constant consumption to prevent complete collapse. You are penalized for saving your capital. You are punished for delaying gratification. You are forced into a permanent state of precarious financial survival. Fiat erodes the foundation of long term thinking. Bitcoin protects your wealth. Bitcoin secures your legacy. Bitcoin preserves your purchasing power across generations. The block reward halves every four years without fail. The network hash rate climbs to secure the chain. The nodes validate every single transaction perfectly. We are witnessing the absolute separation of money and state. This transition is mathematically inevitable. We construct reality through the tools we use. Technology creates surface area for massive outcomes. The internet democratized information. Artificial intelligence is democratizing cognition. Bitcoin democratizes absolute sovereignty. These three pillars form the ultimate stack for human liberation. You no longer need permission to transact globally. You no longer need a trusted third party to verify your wealth. You no longer rely on a dying empire to protect your hard earned assets. Fiat empowers governments. Bitcoin empowers the individual. One gives you control. The other takes it away entirely. Control over your wealth dictates control over your future. A system built on endless printing is a system built on theft. The state prints money to fund its deficits. The state dilutes your purchasing power to mask its inefficiencies. The state steals your time by making your labor worth less tomorrow than it is today. With Bitcoin, you are your own bank. No one can print your life away on the BTC Standard. The future belongs to the builders. It belongs to the engineers who write the code. It belongs to the strategists who see the board clearly. It belongs to the investors who allocate capital into truth. Fiat is a lie told by the state to maintain compliance. Bitcoin is the objective truth verified by mathematics. The transition is happening right in front of your eyes. Choose your system wisely.

I do not understand, in 2026, why anyone is shorting anything, and I have, over the last several years, watched a generation of intelligent, well-credentialed, technically sophisticated investors set fire to their capital on the short side of a market that has been telegraphing its direction with the subtlety of a marching band, and the only explanation I have ever been able to construct is that none of these people have read a single page of monetary history written before 1990. The setup is not subtle. The federal government is running a 7% structural deficit with no political coalition in either party willing to address it. The Treasury is issuing debt at a pace that will push publicly held debt-to-GDP past 130% within five years, which is the level at which, historically, every government in recorded history has either inflated its way out, defaulted, or both. The Fed is, regardless of what it says in public, the marginal buyer of that debt, and the only mechanism it has to fund the purchases is the creation of new dollars. The money is being printed. The debt is being monetized. The currency is being debased. And asset prices, which are denominated in the currency being debased, are doing the only thing they have ever done in any country that has ever tried this, which is going up. Every country that has run this experiment has produced the same chart. Weimar Germany in 1922 and 1923 produced one of the most violent equity bull markets in recorded history in nominal terms, as the mark collapsed and the Berlin exchange repriced upward by orders of magnitude. Argentina, across four separate inflationary cycles since 1975, produced in each cycle a nominal rally that outran every short thesis published, while the peso lost 99.9% of its purchasing power. Zimbabwe in 2007 and 2008 produced an equity market that rose so violently the exchange had to be closed because the calculations could not keep up. Turkey, right now, in front of the entire world, has produced a Borsa Istanbul up 1,400% in lira terms while the lira has lost 85% against the dollar, and every short of Turkish equities has been carried out in nominal terms even when they were right in real terms. The lesson is not that asset prices are going up because the businesses are getting better. The lesson is that asset prices are going up because the unit they are measured in is getting smaller, and any investor who positions short against this dynamic is betting against the will and capacity of a government to debase its own currency, which is the single most reliable bet you can lose in 4,000 years of recorded monetary history. The government always wins. The government always debases. The currency always loses purchasing power. The assets always reprice upward in nominal terms, on a path the shorts always insist is unsustainable and that always, somehow, sustains. You can short individual frauds. You cannot short the market. You cannot short the currency itself without being on the wrong side of the largest force in modern capital markets, which is the slow, politically inevitable destruction of the dollar’s purchasing power against everything that cannot be printed. The shorts have been wrong for five years. They will be wrong for the next five. The only investors who will, in real terms, preserve and grow their wealth are the ones who understood, early, that the game is not about being right on valuation, it is about being on the right side of monetary debasement, and the right side has always been owning real assets, productive businesses, scarce commodities, and the one monetary metal that has functioned as money continuously for 5,000 years, while the people on the other side continue to insist this time is different. This time has never been different. The math is the math. The shorts will continue to lose. The owners will continue to win.

The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…

Cheap wine is cheap because somebody took shortcuts.

Update: $10k just to get in the door at MSG...