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California Is Worse Than You Think by William L. Anderson
I look around and I see disaster looming. California is sliding toward the abyss. I don't understand how Illinois has not imploded. The Federal government owes pert near 30 trillion dollars, which is like $100,000 (one hundred thousand dollars) per person. Telsa stock is, by any conventional measure, extremely overvalued. Bitcoin continues to exist even though it's basis is simply an enormous installation of computing machinery that spins arcane symbols and burns electricity.
Some people believe in Bitcoin. I imagine it's value comes from shielding people from the tax man. I mean can you tax a figment of someone's imagination? Tesla might, in ten years or so, grow big enough to realize it's current value. The Federal government can continue to borrow money as long as someone will lend it to them. Or they can just decide to print more money like they did last year to fund the stimulus checks. People have been warning us about the foolish fiscal policies in places like California and Illinois for years, yet they are still operating.
I really wonder what's going to happen. I like to think that when the crash happens, fiscal conservatives will use the opportunity to beat people over the head about financial prudence, but I what I fear is that some snake oil salesman will sell them a new bottle of snake oil and people will gobble it up.