I don't like posting things that my subscribers have paid for, but in this case it's only a small section of the letter and I think my subscribers would agree that it's a worthwhile service to the greater community. (I have the best subscribers on the planet.)

As you'll see, I don't think the FTX crime, as vile as it was, is worth a great deal of our time: We are producers, and should devote our energy to production. For that reason I haven't written about it till now. But it is a significant event, and so I ultimately decided it was necessary to address it in our bi-monthly What's Going On section.

And so, here's my bare-bones take on the FTX event.

Briefly, there are several aspects of this fiasco:

The scheme was fairly elaborate, involving a disheveled kid (now 30) and his girlfriend. The kid was from a family that is super-connected within the US Democratic Party.
Billions of dollars were skimmed from crypto-hopefuls.
The money was used to pay off politicians (scores of Democrats and those Republicans who voted to impeach Trump), to fund the Covid hysteria (they funded the now-retracted anti-Ivermectin research that caused thousands of unnecessary deaths), and so on.