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Signs of the forthcoming apocalypse (view source)
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[[File:William Blake - The Day of Judgment.jpg|450px|thumb|center|Stand by. Will be with you shortly.]] | |||
}}I am no financial wizard, readers, but I’m getting the sense the market just feels a bit toppy. This I detect not by reference to an unusual contango in the front-month Brent Crude contract — any experts reading will know at once I am not even sure what that is — nor because of suspicious softness non-farm payroll data, nor mean-reversion in the residential real estate default rates (ditto, ditto), but because folks just seem to be doing plainly bonkers things. | |||
*[[Bitcoin]] (1) existing; (2) having a value greater than nil; (3) staying in existence for even after one obviously speculative bubble in 2018 (4) continuing to stay in existence for three years; and (5) having ''another'' blatantly obvious speculative bubble, three times bigger than the first one; (6) | There is no time like the present, and here, in early March 2021 I thought I would start compiling signs of the forthcoming [[apocalypse]]. | ||
*[[Tesla]] having a market cap of $800bn | |||
*[[Special purpose acquisition companies]]. | Now as we all know, apocalypses can stay irrational a lot longer than I can stay sober, so I can’t make any definitive call as to ''when'' we are going into the abyss, but, as sure as death, taxes and rice-pudding we are, and there signs it might be soon. | ||
So, to keep me company while I load up the van with shotgun cartridges and tins of spam, and with feeling, but in no particular order: | |||
*'''[[Bitcoin]]''' (1) existing; (2) having a value greater than nil; (3) staying in existence for even after one obviously speculative bubble in 2018 (4) continuing to stay in existence for three years; and (5) having ''another'' blatantly obvious speculative bubble, three times bigger than the first one; (6) Tesla blowing a billion and a half on bitcoin at the top of the speculative bubble. | |||
*[[Tesla]] having a bigger market cap of $800bn than the next NINE biggest auto manufacturers put together. | |||
*[[Special purpose acquisition companies]]. Just generally. | |||
*Talk of “liberalising” London’s listing rules to allow for [[SPAC]]s | *Talk of “liberalising” London’s listing rules to allow for [[SPAC]]s | ||
*[[Non-fungible token]]s are selling. Even ones of an artwork ''actually called | *[[Non-fungible token]]s are selling. Even ones of an artwork ''actually called “[[Morons]]”''. | ||
*[[GameStop]]. | |||
*The return from the dead of MoviePass. | |||