I’m struck this morning by signs of utter economic delusion.

• An image of the word “Test” sold for $270,000 as an NFT.
• The Economist, normally fairly sane and sober, call the U.S. “the winner” because we spilled 722% more electricity on the ground, year-over-year, processing block-chain currency transactions — and we did so because China had the good sense to pull back from such wankery.
• The Economist is going to sell an NFT of a recent Alice in Wonderland themed cover.

And of course, the SPAC for Trump’s “Truth Social” is soaring:

So this stock went from $9 to $94 in 48 hours not because anyone thought that Truth Social could make a profit—as Levine notes, the company business plan does not even include a dollar sign, anywhere—but because one group of people will buy anything Trump and another group of people knows about the existence of that first group.
…
This is the rare case where I’m fully prepared to testify to Donald Trump’s business acumen: He’s going to make a killing on Trump social because he has a keen understanding, not of the market, but of the marks.

Jonathan V. Last, ‌Memestocks + SPACs + NFTs = Trump Social