Jesus, pray for us.
Much of society finds itself in a sunken place. A circle of Hell that many societies have found themselves in the past. The money is broken and the negative externalities emanating from the rotten core of our global economy have produced a degenerate high velocity trash economy. We've discussed the nature of the high velocity trash economy in this rag many times throughout the years, but it feels like every day it stoops to a new low. I fear that peak clown world is nowhere in sight.
Nothing makes this more clear than the fact that Bloomberg, a supposed legitimate media organization, decided to host he CEO of OnlyFans, Kelly Blair, for a fireside chat to boast about the profitability of the highly controversial platform since 2016. According to Blair, OnlyFans paid out "creators" more than $25B since 2016. She stated this with a sense of pride that would lead many to think that they should believe that OnlyFans is doing something virtuous. Something to be proud about.
Nothing could be further from the truth. OnlyFans, and other platforms like it, are not only a stain on society, but a sign that things have gone terribly awry.
This newsletter is hard to write because I try as hard as possible not to come off as some pompous prick who thinks they know better than anyone else. If you've been reading this rag long enough, you'll know that this most certainly is not true. However, I feel viscerally compelled to speak out against displays of overt hubris and nonchalant comfort-ability in matters of pure degeneracy. And this is most certainly one of the more hubristic displays of degenerate pride that I simply cannot let slip by.
The fact that Bloomberg, a media organization that carries a perception (at least in my view) of a purveyor of financial signal that rises above the fray of click-bait hell, would invite the CEO of OnlyFans on stage to brag about the money it has made off of the backs of women (and men) who have decided to cater to their most degenerate impulses is truly appalling.
Call me a prude.
Call me a curmudgeon.
Call me a pompous prick.
I don't care.
There's nothing you can call me that will convince me that this display of degenerate celebration isn't deeply wrong. The fact that OnlyFans is one of the most profitable companies in the world on a profit-per-employee basis despite the fact that they have paid out "creators" $25b since 2016 is an objective red flag that should cause anyone with a soul to take pause.
First off, the $25b stat is extremely misleading. OnlyFans payouts work on a hyper-pareto distribution that favors the top 0.1% of "creators" on their platform. The "fortunate" few in that top 0.1% openly flaunt the millions of dollars they have been able to bring in to the unsuspecting mass of young women who come to the idiotic emotional conclusion that they too can attain the same status by creating an account and offering themselves to the world of digital hornballs sitting on the other side of the app looking to get a good fap in.
Which brings us to the other side of this coin; the young and old men who have been deduced to seek out quick pleasure when their PornHub dopamine receptors run dry by downloading OnlyFans and trying to reignite their receptors by finding the next girl next door. This is a two-sided market and one side of the market is providing the incentive for young women to objectify themselves.
This part of our society is sick. Utterly and unequivocally sick.
And it's nothing new. Women turning to sex work when economic times take a turn for the worse is nothing new. It was true in Ancient Rome. It was true during the decay of the Weimar Republic. It was true during the lead up to World War II in South East Asia. And it is true today.
Again, I want to avoid coming off as a pompous know-it-all, but fuck it. This all, at its core, stems from broken money whether people realize it or not.
When money breaks, people reduce themselves to their lowest common denominator in an attempt to survive. And in a world occupied by humans with decaying structure, the lowest common denominator is sexual desire. Pure animalistic domination and validation.
The fact the Bloomberg invited the CEO of OnlyFans on stage to discuss her company's "success" is either a sign of subversion or submission. Regardless of what Bloomberg's intentions were when they decided to host and post the fireside chat with Kelly Blair do not matter. The deed has been done. The normalization and idolization of succumbing to our lowest common denominator is well underway.
If you care about the future of our children, you should call this degeneracy out and ridicule it as vehemently as possible. It is the manifestation of the most animalistic and unhinged form of the high velocity trash economy, And, whether you recognize it or not, the tides will not turn until we fix the money.
Dignity stems from the ability to have agency over your own life. How much agency can you have over your life if a very select few individuals can decide on a whim to devalue the money you store the fruits of your labor in?
Robert revealed a startling discovery from a recent Fed report that fundamentally changes our understanding of who holds U.S. Treasury debt. The Treasury Department's TIC data had long reported the Cayman Islands as our fourth-largest creditor at roughly $400 billion. However, the Fed's new analysis shows the actual figure is $1.8 trillion—making the Cayman Islands the largest holder of U.S. government debt by far, surpassing traditional holders like Japan, the UK, and China.
"The Cayman Islands actually hold $1.8 trillion of our debt, and so that makes them by far the largest holder of U.S. government debt."- Robert (Infraa)
Robert explained that this massive undercount of $1.4 trillion stems from the methodology used to measure cross-border capital flows and repo market activity. The discrepancy is tied directly to hedge funds domiciled in the Cayman Islands engaging in the basis trade—a leveraged arbitrage strategy we'll explore further. The critical question Robert raised: why did the Fed choose to reveal this information now?
Check out the full podcast here for more on the basis trade mechanics, SOFR market stress signals, and populism's impact on assets.
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