Arthur Hayes

But the fun stuff's happening over here.

And the money keeps getting printed.

And crypto keeps going up.

And we sort of crescendo in sort of the 27, 2027, 2008 timeframe where you're going to have at least a pushback on, hey, there's an affordability crisis.

And

maybe there will be some negative rhetoric to money printing towards austerity and they might gain some support which will spook investors and like oh shit is xyz countries united states is china is europe is japan are they really serious about stopping the money printing and allowing the credit to contract and putting out of business all these over levered you know businesses and financial intermediaries maybe i should take some chips off the table right maybe you know

NVIDIA at 20 trillion market cap with all this accounting nonsense that they're doing with these deals.

Maybe I'm done with that.

I'm going to exit stage left.

And that's when I think we get like a massive collapse in all these over levered markets.

And by that time, maybe the AI sort of effectiveness and usefulness will start to catch up with the hype.

If you think about 2001, when all these massive fiber optics companies like Cisco and all of them crashed, that they built out this amazing substrate that created social media.

In the next decade, it'll be much faster with AI.

So there'll be a massive crash and all these hyperscalers and, you know.

model builders like OpenAI and Anthropic.

And then in the wake of it, we'll get whatever useful application that entrepreneurs create to essentially make labor super cheap and make knowledge super cheap.

And where are we going to be able to do with that as a human society?

Yeah, I mean, think about 2021, right?

At least in the United States, you had, what, 10% inflation or whatever it was.

Again, that's not Zimbabwe or Argentina or Weimar Republic.