This is going to be the biggest misallocation of capital in history

Podcast: The Noble Update Podcast · George Noble

Opublikowano: 2026-09-16

Take the dot com bubble, merge it with the 2008 housing crisis, and that is roughly what we are looking at. You have a commodity deflating at record speed while the debt built up to produce it explodes at record speed. What could possibly go wrong? Normally the market fixes this by itself. Prices fall, management gets nervous, budgets get cut. But that wiring is CUT right now. Prices never fell far enough to scare anybody, and Washington is running a deficit near 7% of GDP that papers over the damage.<...