Tuesday, January 31, 2023

Elite Failure

I suppose I have a few running themes on this very fine blog, into which I plug various stories of the day. One is the imperviousness of elites - including the elite chattering class - to any kind of accountability.

Crypto was always obviously a big con, and an "industry" which greatly expanded its influence peddling over the past couple of years. The set of victims of the con is interesting. Rich people got hurt, but also rich people greatly benefitted, so who is to say if it was good or bad? Generally rich people probably didn't get hurt *enough* for it to "matter" in the way that these things only matter if they hurt rich people.

Also plenty of not rich people, but nobody cares about them.

Having senators and ex-presidents and elite pundits bless this con and the con artists, and face absolutely no hits to their reputations over it, is a pretty good example of the problems of our accountability-free era.

With SBF in particular, there was also a big obviously illegal straw donor program to his favorite crypto-loving candidates and members of Congress, and I'd bet that one will just disappear. You can look up the donations yourselves and draw your own conclusions.