Bitcoin maximalism is over. Bitcoin “culture” is over. Bitcoin influencers are over. Every popular hardcore Bitcoin figure has disgraced themself in some way.

Bitcoin will remain, beneficially stripped of the cult around it.

— nic carter (@nic_carter) August 2, 2026

If I could sum up the above list in one pithy tweet, it would be the opening image of this mornth’s edition, by way of Nic Carter, who also found himself excommunicated from The Bitcoin Cathedral for indulging in shitcoinery.

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Written by Bryan Lutz, Contributor at The Sovereign Capitalist:

The FUD is back, baby.

Bitcoin is down nearly half from its 2025 high. And now, the obituaries are out of cold storage and back in heavy rotation. Sentiment surveys are scraping levels we haven’t seen since the 2022 crypto-winter, and the financial press has rediscovered its favorite genre: the Bitcoin post-mortem.

And this time they’ve got a chart to wave around. The Dow just had its best year against Bitcoin since 2022 – the Dow/BTC ratio has more than doubled off its August 2025 low, from 0.36 to 0.84.

Here it is. We’ll even draw the red line for them:

Anyone holding through it felt every point. If you wanted to write the “Bitcoin is finished (again)” piece, this is the chart you’d lead with.

Notice what the line still hasn’t done, though.

It hasn’t touched 1.0.

After the worst sentiment stretch in years, after a ~45% drawdown, after twelve months of losing to the most boomer-coded stock index on earth, the entire Dow Jones Industrial Average still cannot buy one Bitcoin.

Against thirty of America’s biggest companies, the coin wins, with change left over.

Flip the fraction.

If that seems impossible, it’s because you’re reading the fraction the way CNBC wants you to read it:

Bitcoin

───────

$$$$$$$

Bitcoin as the numerator, dollars as the denominator, and the numerator just got cut in half. Case closed, right?

Wrong fraction. As Mark Jeftovic laid out in It’s the denominator, stupid, the entire point of Bitcoin is that it isn’t the thing being measured. It’s the thing you measure with. Put the index where it belongs:

  DOW

───────

BITCOIN

Now extend the chart back a decade and hit the log button, which is a one-click jailbreak for fiat-denominated brains:

In 2014 it took more than 40 Bitcoin to buy the Dow. At the 2015 extreme, 84.

Today: 0.83.

Measured in the new denominator, the Dow has lost roughly 99% of its value in twelve years, and the “comeback” everyone is celebrating shows up on that chart as a wiggle at the bottom of a cliff. Bitcoin just took its worst beating in years and gave back approximately none of a decade of relative gains.

That’s what deflationary money does. It hits different.

It’s about the maths

The Dow is priced in dollars, and dollars multiply, inflate, depreciate, and then die… which is the business model for the whole fiat system. M2 only ever pauses on its way up, every crisis gets solved with more of it, and index earnings get marked up in the same shrinking units.

Bitcoin’s supply schedule, meanwhile, doesn’t attend FOMC meetings. The halvings keep halving. Twenty-one million, take it or leave it.

Run the numbers since January 2000: the Dow is up 361% in dollars. M2 is up 394%. Divide one by the other and the twenty-six-year bull market vanishes: measured in the money itself, the index has gone nowhere. Every point of “Dow 52,000” that isn’t printer output rounds to zero.

So, the fraction has a numerator inflated by an expanding money supply, sitting on top of a denominator that does not expand. Run that equation for a decade and the line on the chart is the only possible output. The drawdowns – 2018, 2022, this one – are volatility inside the trend. And that trend is division between fiat money and Bitcoin.

A Dow’s comeback measured in a shrinking yardstick must sprint just to stand still. This year, it’s rallied hard in dollars. In Bitcoin terms, it clawed back a rounding error.

Same story, slower clock.

If this framework sounds familiar, it should. Gold holders have been living it since 1971, just at a different tempo.

In 2001 the Dow cost 42 ounces of gold. Today, with the Dow at nominal record highs and the algos doing victory laps, it costs 12.7 ounces. Two-thirds of the index’s gold-denominated value, gone, during a quarter century of “stocks always go up”.

Yes, gold and Bitcoin diverged this cycle. Gold at $4,142 while Bitcoin sits in a drawdown. They have different volatility profiles, and different adoption curves. Yet, they share the same denominator maths. One asset is the incumbent hard money, the other is the challenger still crossing the chasm. The DOW index can’t outrun either of them over any window that matters.

“Stocks at record highs” is mostly the yardstick shrinking. It is always has been.

Deflationary Money Still Undefeated this Decade

Here’s the thing about extreme bearish sentiment: it’s a report on the emotional state of leveraged tourists, not on the asset. Nothing about Bitcoin(or gold) changed this year. The supply schedule didn’t change. The halvings didn’t change. The $300+ trillion in bonds denominated in a melting currency didn’t change, except to get bigger.

The only thing that changed is the price, quoted in the old denominator, and the old denominator’s entire job description is to go down.

So, the mainstream news cycle might be right about one thing:

Deflationary money doesn’t win every year.

However, it does win every decade, and it’s undefeated.

“You just wait until the next bear market…”

Last month, I talked about how many of the legendary investors I’ve long followed as well as many of my contemporary financial commentators (speaking specifically of the contrarian ilk), are almost unanimous in the opinion that the AI trade is well into bubble territory and stocks in general are overvalued. Hell, even I think that and I’m personally “all in” on AI and have a fair bit of equities exposure to it (not a tonne, but it’s there, and the biggest winners in the TSC portfolio lately have all been AI stocks and HPC stocks).

Angela sent me this Diary of a CEO interview with Jeremy Grantham – another legend – and she said it was scary. At his peak he managed something like $165B AUM, but he’s down to $80B or $90B now (he also says the only reason he’s still counted as a billionaire today, personally, is because they include the money he’s given away. Grantham has donated over 90% of his net worth to the Grantham Foundation, which invests and incubates primarily green-tech innovation to combat climate change.

Although Thomas Braziel, whose name you might recognize as a notable distressed asset investor who specializes in crypto i.e. Mt Gox claims, FTX, put out an interesting analysis of Grantham’s green tech foundation’s filings – and surmised that what he’s saying on the talk-show circuit isn’t lining up with where he’s actually allocating the foundation’s …money )

Grantham occupies an exalted perch in the pantheon of institutional investors, so when he opines on something, it tends to get picked up on, which one may find somewhat quizzical, given his lifetime batting average isn’t really in the same league as the likes of Buffet, Munger, Klarman, et al.

His lifetime average returns? The closest analog could be the lifetime average of the GMO Global Asset Allocation Composite, which he co-founded.

Their number? 8.43%. And 0.8% of that was because of a one-time litigation settlement received in 2024

Warren Buffet’s lifetime batting average is pushing 20% (19.8%).

The S&P itself, 10%.

In case you’re wondering how somebody became a billionaire by lagging the major index by 200bp over their entire career, it’s because Grantham is proficient at one thing in particular: not losing money.

The TL;DR from the DOAC interview? A lot of people are about to lose a lot of money.

When Stephen Bartlett told him he was invested in SpaceX, Grantham dead-panned, “Good luck with that”.

Bitcoin? “It’s a zero”.

The interview went a bit viral and I saw a lot of “Billionaire says Bitcoin is worthless” headlines in the mainstream financial press. Grantham has since been on a punditry tour (perhaps in promotion of his latest book, “The Making of a Permabear” – yes, really); and the soundbites that are being repeatedly teased out from them are his “Bitcoin is a zero” sermons, in one case getting into a somewhat heated exchange with Joe Kernen on CNBC – where Kernen, incredibly, makes some of my points far less diplomatically than I have here.

At least it’s not just Bitcoiners getting into scraps! pic.twitter.com/pfJyXM3ZFc

— JOEY (@JoeyTweeets) June 26, 2026

After Grantham trotted out the usual “no use case”, “there’s no there there”, “it’s a bubble”, Kernen straight-armed Grantham in the face with his underperformance over the past two decades,

“You’ve done a great disservice to anybody who’s listened to you over the last twenty years”.

Grantham’s response and attempt at a defence, combined with something else he said in the DOAC interview, are all leading up to my point here, while being 100% oblivious to it:

To Joe Kernen: he said “We’ve been in a bull market since 2009, let’s see how all this stuff holds up when the next bear market hits”

To Steven Bartlett: he cautioned how Amazon sold off a staggering 92% during the Dotcom bust.

During the drive to Hamilton for a board meeting, I listened to this short Alex Hormozi clip and his analogy (which he cribbed from Brian Johnson) hit me full force and I finally had a working metaphor that explained what I’ve been trying to articulate about these living legends of finance.

That they’re underestimating the significance of fiat debasement is true, but it doesn’t really explode in your brain as much as make your eyes glaze over.

The analogy is fish are swimming around in water. Some of them become experts at swimming. They train their entire lives, they practice every day, they study the expert swimmers of yore, and they analyze nearly every aspect of the water they inhabit: it’s PH levels, alkaline, currents, flow – everything.

They know how a slight variance in one factor impacts the others – they know “which way the current is going”.

But over time, the water heats up; they may pick up on this, but they’re never quite prepared for what it means beyond a certain point.

When that point arrives, the water evaporates – and now it’s gas. Steam.

Setting aside for our purposes how this would fry the fish, imagine they’re still alive, but now they’re trying to apply everything they know about swimming in water to this new environment, which is gaseous, not liquid.

They would be flailing and flapping around like the proverbial “fish out of water”.

What happened?

They were never wrong about their fluid dynamics.

The physics changed and they had no model for the new reality.

Hormozi’s short clip was applying this metaphor to AI – which is certainly among the key drivers of the “monetary physics change” that we are now undergoing.

But the point of no return, when the phase shift started, was – I believe, and as Raoul Pal has always said – the Global Financial Crisis of 2007-2009.

That was when the water started turning to gas.

Grantham’s own yardstick measures the current bull market from then – when the central banks stepped in, when The Big Print started and when interest rate suppression and credit expansion became permanent features of the global monetary system (I would argue that the process started in 1980-82, and the GFC was a major tipping point).

Yes, Amazon came off 92% when the dotCom bubble burst. But anybody who had bought, even at the high right before that, is now up about 4,642.7 %

On the new Sovereign Capitalist site, we can model all this out interactively (see below).

On its surface, Grantham’s fixation on loss avoidance serves a purpose (recall Buffet’s top rules of investing: number one is “Don’t lose money”, number two is “See Rule number one”).

If I ever experienced a staggeringly huge life-changing windfall in one moment, I would carve out a “retire your bloodline”-type allocation and hand it to a guy like Grantham (more likely it would be Vito Maida  over at Patient Capital, here in Canada).

But being good at preserving capital has its own opportunity cost, which is far more pronounced now that we’ve traversed the inflection point into the Exponential Age.

The world has transitioned from flat to hyper-cubed – the architecture is completely different now, and the linear measuring stick known as fiat money is ill equipped for the task of describing it.

To Grantham’s point “you just wait until the next bear market”, there won’t be a next bear market, not until we change that measuring stick.

Until the monetary regime change happens – that “change in physics” – any drawdown, no matter how deep, will be papered over with incessant Big Prints until the system itself completes its metamorphosis.

Today’s post was an excerpt from The Sovereign Capitalist my recently relaunched premium service. This goes beyond a dashboard, it’s more of an operating system for high agency net-producers.  All members get access to the full pre-release version of my new book: The Blueprint – Survive & Thrive in an Overclocked Timeline.

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There was a version of this country that worked.

This was a country that used to punch above its weight across all key metrics and in a large part, did so espousing classical liberal values.

Multiculturalism here was both uncontroversial and functional. People came from everywhere, integrated, and got on with building lives, businesses and contributing to that overall ethos Canadian culture.

Minority rights and gender equality stopped being fights and became defaults.

Ontario, the most populous province, ran one of the cleanest grids on the continent for half a century on the back of CANDU, a reactor we designed ourselves. Peaceful, homegrown, zero-carbon, clean energy, and nobody lost any sleep over it. In fact, most people probably weren’t even aware of that.

By every classical liberal measure that actually mattered, Canada was a success story that inspired the rest of the world.

I want to be precise about the word “liberal”. The small-l, “classic” version meant open markets, open minds, equal treatment, and a state clueful enough to stay out of the way. That Canada earned its stature honestly.

Then, in 2015, the big-L Liberals took over the small-l idea. They have spent a decade undertaking what looks like something between a “controlled demolition” and act of subversion.

Start with energy, our single largest missed opportunity

We can’t build pipelines. A country sitting on one of the largest energy endowments on earth cannot get its own product to its own coast or even to its own citizens. In 2017 the Trudeau government changed the rules and moved the goalposts on the Energy East pipeline which resulted in its cancellation.

Canada is sitting on the fourth largest oil reserves on earth, after other political temperate zones: Venezuela, Saudi Arabia and Iran, and we import between 500K – 600K barrels per day, nearly all of it, from the United States (“Elbows Up!”)

When Germany came knocking in 2022, Chancellor Scholz flew here and asked, practically begged, for us to sell them natural gas. Russia has just invaded Ukraine, and that put the Germans (which had wisely demolished their own nuclear power grid) into an awkward spot of having to buy energy from Putin.

Our answer?  There has “never been a strong business case.” Maybe we could interest the Germans in some solar panels and windmills. They went and signed a fifteen-year deal with Qatar instead. Qatar. Not exactly a human-rights exemplar, especially during Pride Month.

We did eventually sign an LNG deal with Germany, off the West Coast, in May of this year. Four years late, for volumes that would have looked modest in 2022. Better than nothing. Slower than everything.

None of this was an accident of incompetence. It was ideology. A decade of WEF-flavoured talking points, degrowth dressed up as climate virtue, and a governing instinct that treated Canadian resource wealth as something to apologize for.

Ottawa’s own reports spelled out the anti-capitalist drift in black and white (Bombthrower covered one here). When the environment file is handed to a former Greenpeace activist pinned to the far left of the spectrum, the pipeline math and the LNG math and the nuclear math all start to make a grim kind of sense.

Speaking of nuclear. The recent strategy was supposed to prove we still build things. “10 New Nuclear Reactors!” Oh boy.

Read past the headline. The plan is:

• two reactors under construction …by 2035, and
• five more “planned” (or “under development”) by… (checks notes)… 2040.

Planned. Under development. Unserious.

Meanwhile…. over in China,  they’re projecting roughly 200 gigawatts of total capacity, which means about 100 new reactors, finished and powered-on by 2040. They finish a reactor in about five years, and they a couple dozen under construction simultaneously. We are going to have started two.

We invented the CANDU. We are now a rounding error in the industry we helped create.

On Indigenous affairs, honesty requires two things at once

Most people can only manage one.

The first is that the historical record is genuinely damning. Broken treaties. Mishandled reserves. The residential schools. Generational neglect. Like slavery in the United States and elsewhere across the world, our treatment of First Nations casts a long shadow, and pretending otherwise isn’t helpful.

The second is that none of us alive today built that system. Nobody alive today bears any culpability for it. How could we?

The dichotomy between responsibility and duty was always so cogently captured in a lecture I remember in college, given by the late Jack Richardson: the great Canadian producer. I remember it well, but I’ll paraphrase:

“When you’re the producer on a record, your job is to deliver the master to the label – full stop.

Anything that gets in the way of that: the bass player dies of a heroin overdose, somebody burned the studio down, the lead singer’s wife left him and now he’s out on a ledge…

…all kinds of things can go wrong and none of them may actually your fault, but every single one of them is your problem.

You have to deliver the fucking record. That’s on you“.

That is exactly where reconciliation should sit. Something we did not cause and still have to remedy… somehow.

But nothing that we do are actual remedies.

Instead of the hard, unglamorous business of clean water, functioning services and honoured agreements, we got theatre: Never-ending land acknowledgements read off laminated cards. Streets renamed, it seems deliberately, to incomprehensible text strings. Empty gestures that move no needle on any stated goal and instead breed the exact resentment they claim to be healing.

A growing share of the public has stopped seeing any of this as a lingering injustice to be addressed but now views it as a permanent guilt-management industry to tune out.

The elephant in the room: Immigration

Immigration was our masterpiece.

For decades we skimmed the cream of the planet. Skilled, educated, motivated people from every culture and country, selected through a points system that drilled down on simple KPI: can you come here, integrate, and build something? Successful applicants kept their heritage, celebrated it, added it to the mix, …and got to work.

We took people on humanitarian grounds too, generously so, but never more than we could economically and culturally absorb.

That gave us extraordinary dynamism. Entrepreneurs and investors who arrived with nothing and hit it out of the park. Chamath Palihapitiya came as a refugee from Sri Lanka and became one of the most influential venture investors of his generation.

Prem Watsa came from India and built Fairfax into a company that earned him the “Canadian Warren Buffett” tag honestly.

Legends, both. We could use as many of those as the world will send us.

Then we changed the filter.

The points system asked whether you could succeed here. The volume model, switched on after (guess when?) 2015, asked almost nothing. The targets stopped being calibrated to housing, services, and absorption capacity, and got calibrated to two different things instead: cheap imported labour for the mega-employers who lobbied for it, and a river of tuition to turn colleges into degree farms selling permanent residency with a diploma stapled to it.

The numbers got loud. Population grew faster in 2023 than in any year since the 1950s, almost entirely through immigration, into a housing market that was already broken. We’ve all seen the graph, I don’t need to repost it. By 2024 Ottawa was admitting north of 480,000 permanent residents a year, with temporary-resident inflows stacked on top that pushed the real figure far higher.

Then, even the Capital-L Liberals blinked. In late 2024 they slashed the targets and Justin Trudeau conceded, in his own words, that they “didn’t get the balance quite right.” Permanent-resident targets came down to 395,000 for 2025 and 380,000 for 2026, with brutal cuts to international students. Mark Carney, having replaced him, kept the lower numbers. Governments do not reverse that hard, that fast, on policies that are working.

Here is the part that gets people shouted down for raising, so let me be clear here:

This is a screening argument, and nothing else.

When you select immigrants, you screen. At least you’re supposed to.

Skills, language, education, and yes, background. When you stop selecting and simply move volume, you stop screening, and you get the entire Bell-curve of humanity – and quite possibly the wrong tail of it. That includes people from low-trust societies who carry their grievances and factional conflicts across the border with them, and it includes the criminal minority that any large, unvetted inflow will contain.

Ethnicity is beside the point here. The removed filter is the entire point.

The failure compounds when institutions respond to the predictable problems by looking away or dismissing credible criticisms as racism. When a serious crime involving a recent arrival gets softened in the media coverage, or when the judge sentencing a convicted violent criminal dials back the penalties in order to avoid deportation, ordinary people notice. They are not stupid.

People start rumbling about “two-tier” justice systems and “immigration discounts” for criminals, and they are correct.

True story: Racism in Canada had been all but eradicated.

This is reason I bothered writing any of this. Because it’s Canada Day. And I see too many reactions to what has happened in this country get boiled down to the lowest-IQ filter that exists: racism.

For what now seems like a bygone Golden Age, racism in this country was basically over.

Structural racism had been excised from the systems and institutions while garden variety cultural racism was confined to relatively few fringe dwellers. Every few families had one of those Archie Bunker type uncles and nobody really took them seriously.

The overwhelming majority of Canadians, born here and immigrants alike, simply did not organize their lives around skin colour. That was the win. That was paradise. We had it.

Some may say we always sorted ourselves, that Little Italy and Little India prove it (“Checkmate, multiculturists!”). They actually prove the opposite. Ethnic neighbourhoods are on-ramps: the first generation clusters for the food and the familiarity, the second scatters to the suburbs and marries out (including inter-marriage with other groups); and the whole thing runs on choice and empties itself by design. A multi-generational bakery on a corner is culture. A Tim Horton’s staffed with TFWs is policy. The paradise ran on the former and its destruction happens on the latter.

Look at where a decade of dismantling this has left us.

For starters, racism is back from both sides, with a twist:

Structural racism came back, only this time wearing progressive branding. Job postings openly signal racial and other identity preferences. Criminal sentencing now weighs a defendant’s race, background and immigration status.  A system that largely made race irrelevant has spent the last decade making it central again, then acts astonished at the reaction.

And because of that reaction cultural racism is now, also back with a vengeance. Resentment festers among perfectly normal people, including fully integrated immigrants from the earlier waves who did everything right and now watch the standard collapse behind them. That Archie-Bunker racism, the crude ambient kind we had mostly shamed out of public life, is back and being said out loud. Grassroots organizations that used to sit at the crank-fringe are growing past it. Social media runs on lowest-common-denominator rage bait, and a lot of it is now straight-up racist.

We spent forty years turning down the temperature on race in this country and it worked. Then, in the name of turning it down further, we cranked it al the way back up.

The title isn’t a joke, it’s the truth.

A classically liberal paradise is precisely what we built. Open, tolerant, prosperous, boringly functional, (“peace, order, good government”) the envy of people who had to flee places that were none of those things. The small-l achievement was real, and it was ours.

The big-L party inherited it, mistook the inheritance for a mandate to undertake a mass civilizational social engineering project, and spent a decade trading competence for platitudes, energy for symbolism, selection for volume, and hard-won racial peace for a fresh cycle of division marketed as inclusivity.

We had this one in the bag.

Now, not so much.

Happy Canada Day.

If you’re a net-producer, high agency Canadian interested in joining a like-minded group for the politically homeless in Canada, check out Ready.ca

The data shows the opportunity cost of avoiding bubbles in the modern era.

Jeremy Grantham built a career calling bubbles. With his AUM ranging from the 65B to 120B level over his career, he’s been fairly prescient about avoiding them on behalf of his clients, and in the process became a billionaire himself.

In a recent appearance on Diary of a CEO, he cautioned about Amazon’s 92% drop during the dotCom bust, and he’s now warning about the AI bubble (as are many others). In a now viral clip on CNBC, he got into it with Joe Kernan and laid into Bitcoin using all the usual objections: “no use case”, “headed to zero”, and “not worth a bucket of spit”.

At least it’s not just Bitcoiners getting into scraps! pic.twitter.com/pfJyXM3ZFc

— JOEY (@JoeyTweeets) June 26, 2026

But if you actually look at the data, you would have been better off holding through bubbles instead of handing your wealth over to Grantham’s GMO Fund to protect you from them. And this remains true vs. most assets and across nearly all time frames.

You can see for yourself in this interactive widget I put together for the next Sovereign Capitalist newsletter (due out in a few days). Plug in an invetsment amount, pick an entry point: right before the DotCom bubble blew, or on the eve of the Global Financial Crisis, right on up into the pandemic: Grantham’s GMO lagged everything including simply indexing the S&P500.

Jeremy Grantham is making rounds sermonizing about Bitcoin and bubbles.

But if you look at the actual data, anybody following his advice would have been a lot worse off, across nearly every time frame over the last 30 years. pic.twitter.com/HgJenRBtsL

— Mark E. Jeftovic (@jeftovic) June 27, 2026

When The Monetary Physics Change

In the letter, I get into why this is the case: why are “the perma-bears” (in Grantham’s own words, and the title of his new book) may be looking at the wrong measure, and the wrong axis when it comes to figuring out what’s overvalued and what, if anything, is truly headed to zero (I’ll give you a hint: it’s not Space-X and it sure isn’t Bitcoin) but I’ll lay out the analogy here (which was admittedly cribbed from Alex Hormozi, who swiped it from Brian Johnson).

Hormozi used it in the context of how I is changing the world. This is true, but it also applies to the inexorable debasement of the monetary layer through debasement.

Here’s the analogy of “when the physics change“:

A school of fish are swimming around in water. A few of them become experts at swimming. They train their entire lives, they practice every day, they study the expert swimmers of previous eras, and they analyze nearly every aspect of the water they inhabit: it’s PH levels, acidity, currents, flow – everything.

They gain an intuitive feel for how even a slight variance in one factor impacts the others – they know “which way the current is going”.

But over time, the water heats up – they may pick up on this, but they’re never quite prepared for what it means beyond a certain point.

It’s the point that puts them wrong-footed, the phase-shift: the water evaporates – and now it’s gas. Steam.

Setting aside for our purposes how this would fry the fish, imagine they’re still alive, but now they’re trying to apply everything they know about swimming in water to this new environment, which is gaseous, not liquid.

They would be flailing and flapping around like the proverbial “fish out of water”.

What happened?

They were never wrong about their fluid dynamics.

The physics changed and they had no model for the new reality.

The measuring stick of fiat currency is the water that is boiling away.

I’ve been saying it forever, it’s the denominator stupid.

People like Grantham don’t even look at it. Over the course of the Diary of a CEO interview I don’t think he mentions it once. In his “The Making of a Perma-Bear” book, he mentions inflation in exactly three places, and always with respect to their effect on P/E multiples. In the third instance he only mentions to acknowledge that during the pandemic, multiples went the opposite direction he would have expected, given the higher inflation.

Go take a look at the data, plug in some numbers and starting dates for yourself. You’ll see exactly what the phase shift looks like.

More in this in the next edition of my premium newsletter The Sovereign Capitalist.

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Two inexorable realities have come into sharpened focus over the last month or so. Both are themes we have been exploring and monitoring – one, since practically the very beginning of this service, the other, over the last year or so.

The first is the unsustainable nature of the global monetary system: we are not unique in calling that out – it’s practically a trope and has been for a long time.

The other is the existential necessity to win the new arms race – which is less about kinetic weapons now and more about computation, information and 5GW.

In the past, when the Soviet Union put as astronaut into space before NASA, it was a humiliation and a psychological defeat – but the USA arguably still held strategic advantage where it counted at the time, which was here on earth, with more nuclear missiles, tanks and military bases than the USSR.

The US space program kicked into overdrive, and NASA was able to slingshot past the Russians, and over time and across more dimensions, the Soviets never caught back up or retook the lead – in anything.

To this day, Russia’s resurgence onto the world stage – articulated through concepts such as Neo-Eurasionism or “Third Rome” (basically their version of “Manifest Destiny”) – is more than anything, an aspirational framework for “getting up to speed”, while rationalizing their inability to do so in traditionalist, volk-ish trappings.

Their high priest of this quixotic mix, is “Fourth Political Theory” author, university professor and philosopher, Alexander Dugin – whose other titles include “Last War of the World-Island” and – perhaps most tellingly, although least known of his works here in the West – “Katechon and Revolution”.

The word “Katechon” (from the Greek: ὁ κατέχων / τὸ κατέχον which translates loosely as “the Restrainer”) is important in the Russian collective psyche because it contains a massive “tell”.On its surface, it’s supposed to encompass Russia’s “state messianism” and symbolize its opposition to The West – their “Antikeimenos”.

The day of the Russian invasion of Ukraine, Dugin posted on Facebook “Now we are in a war of the spirits. Katechon vs. Antekeimenos”.

Antikeimenos (from the Greek: ὁ ἀντικείμενος) is the term St. Paul uses in Thessalonians 2:4 for the figure of the Antichrist. It appears exactly once in the Greek New Testament, in that single verse. The literal sense is “the one who opposes” or “the one set against”.

And therein lays “the tell” – what the Russian collective psyche is admitting to, and trying to come to grips with, and it is this:

If we reframe the Cold War as the first technological contest between Great Powers, Russia has to confront the fact that they lost – and they’ve never been able to recover from it.

In the contemporary pantheon of international relations and political economy, absolutely nobody today thinks of Russia as a “great power”. When you peel back the ideations of “The Fifth Empire” or “The Soviet Union 2.0”, you get to that underlying underdog mentality – trying to recapture super-power status.

They lost the space race. Then the Cold War, and now they can’t even beat the Ukraine.

That was supposed to be an overwhelming military victory, but the Ukrainians, mainly through wholesale adoption of drone warfare, have managed to give the invaders a rough time of it, even penetrating deep into Russian territory using high-altitude balloons to deliver suicide drones.

Make no mistake, all that financial support from the West aside, the Ukrainians have been able to stave off complete defeat through technological means and because cheap, sophisticated weaponry (drones) completely upended the conventional battlefield.Such are the travails of an erstwhile great power that has lost a technological competition. You can bet today’s incumbents – namely the USA and China – understand these stakes, and neither of them has any intention of losing:

• AI
• Energy
• High Performance Computing (which leads us into)
• The Space Race 2.0
• Quantum Computing

This is why the “catastrophic climate change” narrative has been rather suddenly sunsetted in The West (at least, the non-Euro west): we need more energy, including nuclear – lots, and lots of nuclear.

It’s why White House Asset Management (WHAM) is pumping money into quantum computing companies (including, from our wish list: D-Wave, which we hadn’t yet pulled the trigger on).

It’s also why China has moved further out on the interventionist side of the state capitalism spectrum, with mandated “Capital Reallocation” programs where the government has issued structural directives forcing state-owned pensions, insurance funds, and enterprise pools to funnel trillions of yuan directly into equities, while the state-backed “National Team” continues steady, strategic purchases of domestic ETFs to put a floor under major indices.

The Chinese debt overhang on bad real estate loans is even larger than what we had here in the run up to the GFC, so regulators there are pulling out all the stops to keep the balloon duct-taped together:In early 2026, Beijing quietly abolished enforcement of its strict “three red lines” policy. Developers are no longer required to report monthly data regarding debt-to-equity, cash, and asset metrics, freeing up fresh credit channels.

They’ve backstopped an additional 7 trillion yuan under a new “property project whitelist” mechanism, which extends developer loan maturities by up to five additional years to stave off defaults.

Commercial and state banks are aggressively financed to help local governments buy up unsold, completed housing inventory directly from developers to convert them into subsidized public housing (this is a nominally communist country, so why not).

To top it all off, we’re seeing capital flight restrictions – going so far as to prevent technology transfers to the West via acquisition (we covered last month how Meta’s acquisition of Manus was blocked and reversed by state authorities).

Any rational observer of finance and economics knows that all world economies, including The World Economy, is levitating in mid-air buoyed by stimulus, signal suppression and pure white-knuckled will.

In prior years, when all the financial commentators and contrarians were waiting for this to hit a wall, we all marvelled (at least I did) how the system was kept on the rails at all costs – because too much was riding on it to let rational economics and market restructuring take their course.

That was before AI. Before it became apparent that not being number one in this technological arms race had civilizational consequences, like joining Russia as another “also-ran”.

Once again, the contradictions and distortions that this imperative amplifies are bubbling to the surface.

On one hand – all rational analysis of the market is screaming “overbought”. Practically every financial commentator I came up following is looking at this and making comparisons with the dot-com bubble; the AI high flyers now look a lot like Global Crossing, Nortel, L3, VA Linux before they all imploded.

My X feed is absolutely jam-packed with people posting screenshots of 7-figure trading accounts that were ostensibly amassed in under a year trading HPC, AI, chip makers, memory, and now quantum (again).

Zerohedge has remarked on the circular nature of the AI economy more than once:

Note that the above-linked article (from which the screenshot came) is a Tyler Durden original, it is not a repost of somebody else’s article.

Tyler has this annoying trait: he’s always early and he’s often right.

Yet it’s possible the man himself buried the lede (from that screen cap):

“The Infinite Money Glitch”

By all rational and financially coherent measures, the equities markets are overvalued, beyond bubble levels and primed for a catastrophic drop on the order of, pick one, 50%, 75%, 90%. Yes. 90%. We’ve been pumping since 2008 folks. Even further if you go back to the beginning of the equities supercycle in 1982.

After the dot-com bust, we were in a bear market for two years. When the GFC finally hit, it was straight down for a good 18 months. When COVID was coming, the banking system was starting to crack up under the hood (the reverse repo situation in late 2019) but when it came unglued in March, it was about two weeks before the monetary bazookas were unleashed and everything reversed hard of the March low.

What happens after that is instructive:

The Regional Banking crisis erupted, and was even larger in nominal terms than the GFC when it came to the amount of assets tied to bank failures. The Fed threw the taper overboard, did a massive liquidity injection and after a failed attempt to pick and choose winners in terms of which banks to save, caved in to public uproar and backstopped everything.

Liberation Day, Japan-ageddon, Israel/Iran/Gaza barely perturb the trajectory.

If you switch out of linear mode for that long-term chart, and go to logarithmic – you should recognize the pattern:

It’s the same as Bitcoin, which is the same as gold during the Weimar Republic and it’s the same signal being broadcast from every one of those charts.

We should acknowledge that the Nasdaq took 15 years to recover from the Dotcom shakeout, which is a long time to be underwater if you bought in at the tippy-top.

But I believe two things have changed since the GFC:

The first is that tech, despite taking the biggest hit, almost by definition when the Dotcom bubble blew, also became the apex asset class from here on out.

If you look at the long-term chart for the Nasdaq, it basically went parabolic for the first half of the equities supercycle, and formed a double-bottom from the Dotcom crash to the GFC

After that it blasted off and has left everything else in its dust:

This makes perfect sense, because tech is the asset class of choice in a world driven by acceleration and tachyosis.

We can’t put Bitcoin in that chart because it’s basically a divide by zero error. But if we take the commonly held, first market price ever for Bitcoin, which was $0.10, it pencils out to an absurd value. Call it 77,719,900% and leave it there.

It’s not uncommon to hear criticisms of Bitcoin that are simply “all it does is follow tech”.

Yeah, no shit. That’s because it is tech.

The other thing I believe about all this, is Raoul Pal’s theory that after the GFC, the world’s central banks got together and made a deal to never let anything like that happen, ever again.

Which means that central bank balance sheets will grow in perpetuity, and stock market will never have a meaningful bear market – for the remainder of the duration of the current monetary system:

That’s from Raoul Pal’s “Everything Code”, it goes on:

• They don’t understand valuations are a function of debasement.
• They don’t understand why technology rises and valuations can keep rising.
• They don’t understand why crypto is being adopted and is the fastest horse in the race.
• They don’t understand why the dollar keeps rising.
• They don’t understand that energy transition is real and is crucial for the world economy.
• They don’t understand why rates won’t remain high.
• They don’t understand why GPT4/AI is the biggest humanity-scale event since the splitting of the atom.
• They don’t understand why this is all so fucking deflationary. They want their sticky inflation. They will not get it.
• They don’t understand why nothing in their world makes sense.

We understand it. Because we know the cheat code, which is:

Put the chart into logarithmic view.

Look at the X axis.

Then own the assets that are outpacing everything else on that scale.

That’s it.

Get on the Bombthrower mailing list here. Premium members of The Sovereign Capitalist have already received advance copies of my new book: The Blueprint: Survive and Thrive in an Overclocked Timeline – we launch in two weeks, get on the invite list here. 

Follow me on X here.

If you are new to the Equibit story, please read The Assassination of Equibit, originally released in 2023.

A recurring and particularly damaging element in the campaign against Equibit Group founder Chris Horlacher has been the repeated disruption of his access to banking and payment systems — commonly referred to as de-banking. These incidents have not only created severe operational challenges but also appear designed to isolate him financially while he pursues justice in the Canadian courts.

Major Incidents of Financial Interference

Revolut / Lead Bank (2025–2026)

Chris maintained two U.S. business accounts with the fintech platform Revolut. After months of normal activity, both accounts were frozen without any notice being provided to Chris. One suspension occurred shortly after Revolut had upgraded the account to a custom “Enterprise” plan based on the company’s foreign exchange volumes. Despite multiple support inquiries, Revolut provided almost no meaningful explanation, citing only a vague “security review.” Both accounts were ultimately terminated with no right of appeal, causing significant disruption to business operations.

TD Canada Trust – The Norm Bailey Case

In early 2026 Norm Bailey, a hopeful member of one of Chris’s clients, attempted to send a legitimate payment for a membership fee. TD Bank blocked the transaction and subjected Norm to aggressive interrogation by a senior representative who only identified himself as “Phil.” Norm later described the ordeal in an email to Chris, whom he had recently met at the Anarchapulco 2026 conference:

“Subsequently, three days later we were contacted by a mystery figure in the TD organization who only identified himself by his first name… He proceeded to drill us on what the wire transfer was for… After a lengthy question period and listening to his repeated accusations that we were taking part in a scam he suddenly said he was closing all my accounts at TD… We were in serious shock. Ive been with them for 65 years… We were both very close to having a heart attack.”

Under extreme duress, Norm and his wife were pressured into admitting the payment might be related to a “scam” and promising never to do business with the Horlacher-linked entity again. Only then were their accounts restored. Norm explicitly stated that “our lives were in danger due to the stress we were under.”

CIBC – Suspicious Inquiries

Chris has received multiple calls from individuals expressing interest in his client’s services but who refused to provide their full names or the name of their employer. One such call originated from the CIBC toll-free number 1-866-639-5014, which was recorded by Chris. These interactions appeared structured to entice Chris into performing regulated money transmitter activities without proper licensing — a potential entrapment scenario.

Broader Pattern

These events are not isolated. They form part of a sustained pattern of financial and institutional pressure that has intensified around key milestones in the Equibit lawsuits. Clients and business associates have reported unusual scrutiny whenever Horlacher’s name or associated entities are involved. Traditional banking relationships have become unreliable, forcing Chris to operate with reduced access to essential financial infrastructure.

This type of economic isolation is a hallmark of Zersetzung — the Stasi’s strategy of quietly undermining a target’s ability to function normally so that their struggles appear self-inflicted.

Why This Is So Concerning

Access to banking and payment systems is fundamental in a modern economy. When financial institutions appear to act in coordination — or at minimum show unusual responsiveness — to pressure someone engaged in litigation against intelligence agencies, it raises profound questions about:

• The independence of Canada’s financial sector
• Potential weaponization of “risk management” and “compliance” processes as tools of retaliation
• The practical ability of citizens to challenge powerful state actors without facing extralegal consequences

Chris has been personally out-of-pocket hundreds of thousands of dollars in legal costs while simultaneously fighting to maintain basic financial functionality.

Further Reading & Evidence:

• Router Sabotage via TR-069 Protocol
• DNS Man-in-the-Middle Attack
• Microsoft Unauthorized Access Incidents
• NASA HPCC Honeypot Probe

The combination of technical surveillance, financial de-banking, and institutional obstacles paints a disturbing picture of alleged multi-domain harassment.

If you believe financial institutions should remain neutral and that litigants deserve protection from economic retaliation, please share this post and help bring greater awareness to these issues.

Stay tuned to equibitlawsuit.com for more updates on the Equibit lawsuits against CSIS and related actors.

If you are new to the Equibit story, please read The Assassination of Equibit, originally released in 2023.

Chris Horlacher has documented multiple sophisticated intrusions through his Microsoft ecosystem. These incidents go well beyond ordinary malware and align with key moments in his legal activities. They indicate a close collaboration between Microsoft and the Five Eyes to deliver undetectable spyware onto targeted devices in order to steal information and interfere with the normal functions of the computer.

Key Incidents of Unauthorized Access

• July 19, 2025 – Unauthorized Sharing of Sensitive Memo
  A confidential memo was suddenly made publicly shareable via OneDrive using Chris’s own Microsoft account. He did not perform this action. During the event, his computer’s built-in screen recorder was disabled. Luckily Chris was able to capture the event with his cell phone’s camera.

Watch the incident:

• August 27, 2025 – Spontaneous File Movement
  A critical security report analyzing router compromises was mysteriously moved to the desktop.
• October 27, 2025 – Camera Roll Breach
  OneDrive logs showed someone browsing the Camera Roll folder containing images taken directly by the device, as well as two files related to psychology that provide insight as to the hacker’s identity (more on that in later posts!)

Watch the Camera Roll intrusion:

Mass Windows & BIOS Updates – Highly Suspicious Timing

On August 18, 2025, immediately before a strategy call with his lawyers about upcoming discovery sessions, Chris’s computer began installing an unusually large wave of updates — including Windows, BIOS, and more than a dozen other components. He described it as one of the largest simultaneous update pushes he had ever experienced. Call quality then rapidly deteriorated and the connection was terminated exactly when the discussion turned to sensitive topics.

This event is especially concerning in the context of Bill C-22, Canada’s proposed Lawful Access Act. Part 2 of the bill would require electronic service providers (including software and operating system vendors) to build and maintain technical capabilities to facilitate authorized access to information by law enforcement and CSIS. Critics argue this could effectively compel companies like Microsoft to enable mechanisms for delivering signed updates or payloads that Windows would trust by default. Because Microsoft-signed updates are automatically trusted by the operating system, they represent a powerful and nearly undetectable vector for delivering targeted tools to specific users.

For more on Bill C-22:

• Department of Justice Backgrounder
• Michael Geist Analysis

Nightmare Eclipse Zero-Days and Browsergate

These incidents occurred against the backdrop of major Microsoft security controversies. In 2026, researcher Nightmare-Eclipse (also known as Chaotic Eclipse) publicly released several high-impact Windows zero-days, including exploits targeting Windows Defender and privilege escalation mechanisms. Some researchers have speculated that certain vulnerabilities may have been known internally for extended periods before public disclosure.

Additionally, Browsergate exposed serious allegations against LinkedIn (owned by Microsoft). According to a detailed report by Fairlinked e.V.:

• LinkedIn allegedly injected JavaScript that scanned users’ browsers for over 6,000 Chrome extensions.
• The script reportedly collected detailed device telemetry and extension data without clear user consent or prominent disclosure in the privacy policy.
• This allowed LinkedIn to build extensive user profiles, potentially identifying competitors, corporate tools, and other sensitive software.

The revelations led to privacy lawsuits and widespread criticism. You can read the original report here: BrowserGate.eu

Broader Implications

These events demonstrate deep access into Chris’s systems, precise timing aligned with legal activities, and the ability to manipulate core operating system functions. When combined with other documented technical attacks, they highlight growing risks around proprietary platforms and the potential for state-level exploitation.

Further Reading & Updates:

• Additional technical evidence and interviews in the Media section
• Ongoing lawsuit developments at equibitlawsuit.com

This case raises important questions about digital privacy, corporate responsibilities, and the balance between security and individual rights. Share this post if you believe these issues deserve greater public scrutiny.

Stay tuned to equibitlawsuit.com for more updates on the Equibit lawsuits against CSIS and related actors.

If you are new to the Equibit story, please read The Assassination of Equibit, originally released in 2023.

In the ongoing campaign of digital harassment and sabotage documented by Chris Horlacher, one of the most technical and intrusive episodes involves repeated compromises of his home routers in Mexico. These incidents directly affected Chris Horlacher’s ability to work, communicate securely, and access the internet—targeting only specific devices while sparing others on the same network.

This pattern aligns with advanced persistent threats, often linked to state-level or ISP-enabled capabilities.

Background: Part of a Broader Pattern

After fleeing Canada due to chronic digital intrusions and other events stemming from what he believed to be the lawsuits he just filed, Chris continued facing disruptions. VPN instability, selective device blocking, and unexplained connectivity issues prompted deeper investigation. Factory resets provided temporary relief, but problems returned rapidly—classic behavior of persistent malware or remote management exploits

The Attacks: Huawei HG8145V5V3 and ZTE F670L Routers

Key Anomalies Observed:

• 1981 Timestamps: Multiple log entries show dates like 1981-01-01. This is a strong indicator of Real-Time Clock (RTC) reset or deliberate log tampering/manipulation, often seen when firmware is altered or during boot-level interference. Security analysis reports explicitly flag these as “Backdated logs to 1981 (RTC reset or tampering).”
• Custom Firewall Rules & Selective Blocking: Firewall settings changed to “user defined.” Specific devices (Chris’s and his wife’s) lost internet access while others worked, consistent with targeted rules or a Remote Access Trojan (RAT).
• Rapid Re-infection Post-Reset: Issues returned within hours, even on a replacement router from the ISP (Telmex).

From the ZTE Log (August 2025, post-reset):

2025-08-04T16:16:01Z [Error] |dnsmasq| bind interface socket failed 99
2025-08-04T16:16:01Z [Error] !!!!!![high Alert for send msg in POWERON]...
[Warning] RunPCB process[omci] Event[0x3e81]...

High-priority OMCI/GPON messages immediately after boot, IPv6 route injections before full WAN negotiation, and MultiAPD errors point to remote provisioning activity.

From Huawei Logs (July 2025):

Numerous 1981-01-01 entries alongside PPPoE renegotiations, deprecated SSL methods, and DHCP NAKs (potential MAC spoofing or rogue activity). Frequent PPPoE sessions suggest possible DoS or disruption attempts.

Expert Security Analysis

Independent analysis by a professional (using SIEM-style detection) on both routers confirmed:

• TR-069/OMCI remote provisioning activity.
• Backdated logs and tampering indicators.
• Potential RAT presence and DoS patterns.
• Recommendations: Replace/reflash router, disable TR-069, scan devices, and isolate vulnerable hardware (e.g., older Smart TV).

Huawei Router Analysis Report (PDF)

ZTE Router Analysis Report (PDF)

TR-069 (CWMP) Vulnerabilities: This Broadband Forum protocol enables ISPs to remotely manage Customer Premises Equipment (CPE) like routers via an Auto-Configuration Server (ACS), often over port 7547. While intended for legitimate management, it is notoriously exploitable. Compromised ACS servers or weak implementations allow attackers full remote control, DNS redirection, firmware backdoors, and persistent access. It has been weaponized in botnets (e.g., Mirai variants) and enables exactly the selective targeting and re-infection seen here. Many ISPs do not allow users to fully disable it.

Video Evidence: Router Investigations

Watch Chris document the issues in real-time:

Part 1: Initial router access and strange behavior.

Part 2: Firewall changes, selective blocking, and admin interface interference.

Part 3: Factory reset, log downloads, and post-reset observations.

Part 4 (Short): Post-reset functionality vs. actual device connectivity failure.

Implications

These attacks go beyond typical criminal hacking. The precision (device-specific blocking), persistence across hardware swaps, use of ISP-managed protocols, and alignment with other documented sabotage (e.g., Microsoft OneDrive tampering, email spoofing, bank disruptions) point to sophisticated actors with significant resources—potentially leveraging intelligence or ISP cooperation.

Combined with the broader evidence in the Factum (honeypot hits from government networks, Keybase anomalies, etc.), this leaves little doubt that Chris Horlacher’s infrastructure was under targeted surveillance and disruption.

What You Can Do:

• Demand transparency from ISPs on remote management (TR-069/OMCI).
• Support calls for accountability in intelligence oversight.
• Share this post—stories like this highlight risks to innovators and due process.

Full logs and analysis reports (Huawei and ZTE PDFs) are available for review upon request for credible researchers/journalists.

This is not paranoia. This is documented technical evidence of invasive digital warfare against a Canadian entrepreneur and litigant, across national boundaries, violating the property of a foreign ISP.

Stay tuned to equibitlawsuit.com for more updates on the Equibit lawsuits against CSIS and related actors.

And what you can do about it
(besides complaining).

Palantir dropped a manifesto last weekend. 22 bullet points distilled from Alex Karp’s book The Technological Republic, posted to X with the casual framing of “because we get asked a lot.” I haven’t seen a reaction so widespread, unanimously opposed and viscerally aghast since James Damore’s infamous “Google’s Ideological Echo Chamber”.

The usual suspects lost their shit. Engadget called it “the ramblings of a comic book villain.”

TechCrunch clutched its pearls at the bits about “regressive” cultures and “vacant and hollow pluralism.”

Bellingcat’s Eliot Higgins observed, (via Bluesky, of course), that these aren’t philosophical musings floating in the ether: they’re the public ideology of a company whose revenue depends on the politics it’s advocating.

He’s not wrong, Palantir sells to ICE, DoD, NYPD, and the intelligence community. It may be a manifesto, but it’s also product literature.

Even Alexander Dugin, the Russian “Fourth Political Theory” philosopher, not exactly known for having a libertarian bent, seemed triggered by it, calling it “the plan of the Western techno-fascism” on X, “Pure Satanism” on his Substack.

Palantir manifesto is the plan of the Western techno-fascism. The superiority of the white race based on the technology. No antisemitism, no sacredness, no socialism of old historic fascism. This time pure capitalist, Jews friendly, profane, materialist. Anglo. Posthumanist.

— Alexander Dugin (@AGDugin) April 19, 2026

Former Greek FM Yanis Varoufakis called it “evil” and put out his own point-for-point on it – he calls it a refutation, it’s actually more of a rant.

So everybody across the horseshoe is big mad. Fine.

The thing is, none of this should surprise anyone. Let’s now look at why the policy this “manifesto” outlines was always going to arrive, with or without Karp’s prosaic stylings.

Karp Didn’t Invent “The Technate”

The merger of corporate power and state apparatus, the “technate” that people are suddenly discovering with horror on a Sunday afternoon, is not a new idea. It’s not even a recent one.

Back in 2013, Eric Schmidt (then Google’s executive chairman) and Jared Cohen (Google Ideas, ex-State Department advisor to Condoleezza Rice and Hillary Clinton) published The New Digital Age. The book was blurbed by Henry Kissinger, Madeleine Albright, Tony Blair, and General Michael Hayden, the former director of the CIA. That’s an elite-class blurb list for a book that explicitly argued for the intersection of Silicon Valley and state power, the fusion of corporate infrastructure with national security logic, and the reshaping of diplomacy through private platforms.

In 2013 it was called “transformational.” Kissinger gushing that it was, “a searching meditation on technology and world order” (he would go on to co-author The Age of AI with Eric Schmidt that should be every bit as concerning as Karp’s Technological Republic).

Not too long after that, Google’s Sergey Brin and Klaus Schwab held a fireside in Davos where Herr Schwab pontificated that with the advent of AI, since the algos would be able to predict election outcomes with 100% certainty, they may as well pick the winners anyway and we could do away with elections altogether.

Nobody batted an eye. My timeline certainly wasn’t overflowing with rage over it and the people who were calling attention to it were using facing all kinds of headwinds.

In a conversation with Google founder Sergey Brin, founder of the WEF, Klaus Schwab, delights at the thought of a future without elections:

“Digital technologies mainly have an analytical power. Now [we’re going] into a predictive power, and your company is very much involved in… pic.twitter.com/9shJlXw3DG

— Wide Awake Media (@wideawake_media) August 13, 2023

My personal favourite goto clip about all-pervasive corporate surveillance that absolutely nobody gave a shit about, was this one, also via the darlings of Davos:

This is important to understand:#CBDCs will not be “money”: in the sense we understand it. They will be social credit scores, capped by your personal carbon footprint quota pic.twitter.com/e6ibVwXM65

— Mark E. Jeftovic (@jeftovic) October 4, 2024

Here we have an ex-Goldman Sachs guy running a Chinese multi-national sermonizing about mass surveillance and personal carbon footprint quotas and my timeline was not filled with angry tweets from elite A-listers calling for the dismantling of Ali Baba.

Here in 2026 it’s the exact same structural narrative, now with Karp’s sharper edges and fewer Davos euphemisms, only this one is being called a fascist manifesto instead of drooled over by media elites.

The only major difference I can see is where Davos/WEF inspired technocracy was globalist, Palantir, Karp, Thiel et al are nationalist. Perhaps, a North American nationalist.

(This fits with what I wrote in my last edition of The Bitcoin Capitalist, about the factional rivalry between the intellectual descendants of Samuel Huntington (“The Clash of Civilizations”) vs his former pupil, Francis Fukuyama (“The End of History”) I posted an excerpt here.

Fukuyama thought the entire world would become one big Neo-Liberal circle-jerk.

Huntington said future conflict wouldn’t be between countries, but between cultures. And some cultures were less compatible with how we live here in the West, than others (Palantir’s point #21).

Overall, the project didn’t change. The faction driving it did.

Driving what? The inexorable drive toward post-Democratic technocracy.

Here’s what nobody wants to hear.

If you’re reading Karp’s 22 points and feeling a cold prickle of recognition, if you’re realizing that what Palantir is describing is the operational blueprint for the next 40 years, there’s something you have to sit with first:

You put your hand up for this.

In case you wondering what makes a company like Palantir even possible…. (find out why, here ) https://t.co/1mOEQ9JkLR pic.twitter.com/aLIjg1Sqw5

— Mark E. Jeftovic (@jeftovic) April 20, 2026

Perhaps not you personally. But collectively, “we”, the Western mass public already ran a dress rehearsal. And we all passed (or flunked) with flying colours.

During the pandemic and in the years immediately after, the political and managerial class was wrong about effectively everything.

The origin of the virus. The (non)-efficacy of lockdowns. The vaccines didn’t work and were in fact, kill-shots for many. The money printing.

The correct response to being that wrong, that publicly, and that unwaveringly, about that much, should have been pitchforks and torches in the streets, if not guillotines.

At the very least, in our enlightened civilization: recall elections, mass firings, inquests and class actions. There should have been a generational reckoning with expertise that got captured by politics, a media cartel that went full agitprop and Chapter-7 bankruptcy for institutional credibility.

That is not what happened.

What happened instead was that people stood on the dots. We wore the masks on the walk from the restaurant door to the table, then took them off to eat, sitting in saran wrap bubbles on the street in the middle of winter.

People snitched on their neighbours. They watched elites throw lavish maskless parties while they got tased by cops at their kids’ soccer games.

In other words: we “followed the science”, even as the science was revised quarterly to match policy because the facts on the ground refused to conform to the narrative.

And now, most people will fight tooth and nail to defend the very system that did this to them.

The pandemic was the trial balloon. The political class, Wall Street, and Silicon Valley watched carefully.

What they learned was this: the population will comply. The population will inform on itself. The population will absorb humiliating, contradictory, demonstrably false directives from authorities, and the dominant social behaviour will be enforcement of those directives on anyone who objects.

The Technate has been an ideation of post-Democratic elites since at least the 1930’s.

It has been moving forward inexorably ever since, but it was probably that event, the pandemic and the populace cucking out at a mass level when the technate became inevitable.

Not because of any single manifesto, book, or CEO. Because a civilization that behaves that way under stress has already told its elites what it will accept.

The Technocracy Is Already Here

The manifesto isn’t about Palantir specifically. It’s the blueprint for what I’ve already been noticing, not just in the US but everywhere, that I’ve been calling State Capitalism.

It’s the fused-lattice model of corporate-state power where the company doesn’t lobby the government, it is part of the governing apparatus, and the government in turn provides the regulatory moat that keeps the company’s competitors out, and to whom they can outsource things that national governments aren’t supposed to be doing.

This is where we’re headed for the next few decades. And it’s where we’re headed precisely because the population demonstrated that it would tolerate it, even while they decried “fascism”.

Ever notice how some people who want to lock you down, censor your speech, cancel you for wrongthink, force an experimental vaccine on you and take away your gas stove think of themselves as “anti-fascists” ?

— Mark E. Jeftovic (@jeftovic) January 15, 2023

Welcome to the Era of Mass Compliance.

Karp’s 22 points are the tidy, sanitized version of what we’ve already said in our “Repricing Sovereignty” piece. The early iterations are already in production. Every ICE deployment, every DoD contract, every integration between federal databases and private analytics, every AI-for-defense procurement cycle, every surveillance-as-a-service rollout is a beam in the Cathedral.

And here’s the part that separates the individuals from the crowd:

If you can’t beat ’em. Own ’em.

Long PLTR. This is straight out of the playbook my premium readers will recognize as “The Post Singularity Stack.” It’s a barbell trade that allocates to State Capitalism on one side, while personally building out sovereign technology on the other.

This isn’t an endorsement of the politics, because frankly, I’m done with politics (“vote harder, mofos”). Politics is a racket to keep the rabble in line.

Stand on the dots. Flap your arms. Good boy.

This will go down in history as the most assinine, ill-conceived campaigns ever produced
Most of these people don’t even know what Elbows Up means
Honestly, it’s like a Monty Python skit pic.twitter.com/9MKFCGOHA8

— Canada has gone mad (@HaveWeAllGoneM1) August 25, 2025

True self-sovereignty can only be acquired individually.

It’s an acknowledgement of the structural reality. We’ve been talking about this for a long time (we call it The Great Bifurcation, and as we always suspected, the branch you wind up in is largely an exercise in self-selection). For the next few decades, The Technate will be the vehicle through which capital will compound, and the only rational response is to own a piece of it. Capital is optionality. Wealth is exit velocity. And by wealth I mean not being economically dependent on The State, not living paycheque to paycheque, and not being one frozen bank account away from being forced into compliance.

There is an ancient Chinese aphorism,

“It is unlucky to remain obstinate in the face of overwhelming odds”.

Being morally aghast while your purchasing power erodes in losing sectors leaves you with neither the moral high ground nor the means to act on it.

The most important points of the manifesto are #5…

And #12:

The people who are panicking at the manifesto are the same people who voted, complied, and shamed their neighbours into the conditions that made it possible. They don’t get to be outraged now.

Some people saw this coming years ago. Some of us even wrote it down.

What happened to many of those people was they got deplatformed, canceled, debanked and generally villainized by the same people who are now screaming about Palantir.

I’m mostly done trying to warn the wider public on where things are going.

Now we’re just buying the ticker.

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