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Did The NFT Boom Just Burst?

Did The NFT Boom Just Burst?

Non-fungible tokens, or NFTs, are changing the way we think about art (and other collectibles), and in 2021, investors have started to take notice. As Decrypt writes, in the last year, NFTs have shot to the forefr

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Did The NFT Boom Just Burst?

Non-fungible tokens, or NFTs, are changing the way we think about art (and other collectibles), and in 2021, investors have started to take notice. As Decrypt writes, in the last year, NFTs have shot to the forefront of the crypto space. The cryptographically-unique tokens make it possible to create real-world scarcity for digital objects, and artists have seized on the opportunity presented by the technology.

For some context, Decrypt details the five most ridiculously expensive NFTs ever sold, and will leave you to judge their true value.

1. Everydays: The First 5000 Days: $69.3 Million

The record for the most expensive NFT ever sold (and one of the most expensive artworks ever sold) goes to EVERYDAYS: THE FIRST 5000 DAYS. The artwork, created by famed digital artist Mike "Beeple" Winkelmann, sold for $69.3 million at Christie's—the first time that the venerable auction house has ever sold a purely digital artwork.

The NFT represents a collage of 5,000 of Beeple's earlier artworks, demonstrating his development as an artist over the course of his career.

It was purchased by Vignesh "Metakovan" Sundaresan, who initially remained pseudonymous, but later revealed his identity, explaining that, “The point was to show Indians and people of color that they, too, could be patrons, that crypto was an equalizing power between the West and the Rest, and that the global south was rising.”

The second-highest bidder on the piece was none other than Tron CEO and founder Justin Sun, who bid a whopping $60.2 million before getting sniped at the last second by Sundaresan.

2. CryptoPunk #7804: $7.5 Million

CryptoPunk #7804 (Image: Larva Labs)

Dylan Field, the CEO of design software company Figma, is behind the sale of the second most expensive NFT in history—CryptoPunk #7804. The NFT sold for a cool 4,200 in 2018, at the time worth $7.5 million.

CryptoPunks are a randomly generated set of 10,000 unique digital characters, and are some of the first examples of non-fungible tokens released on the Ethereum blockchain.

They were developed by Matt Hall and John Watkinson from American game studio Larva Labs.

Initially given away for free, some CryptoPunks with particularly rare or desirable features—such as the blue-skinned pipe-smoking alien that is CryptoPunk #7804—have gone on to sell for significant sums. This includes CryptoPunk #1651, which sold for a six-figure sum in February.

3. CROSSROAD: $6.66 Million

CROSSROAD is an NFT created by acclaimed digital artist Beeple. It features anti-Trump messaging, and an enlarged Donald Trump-like figure laying in a defeated heap with profanities written across his naked body. It didn't always look like that, though; the artwork was designed to change based on the outcome of the 2020 election. Had Trump won, it would've depicted him wearing a crown and striding through flames.

Nifty Gateway, a popular marketplace for digital collectibles, brokered the $6.66 million sale of the NFT between its original owner (Twitter user Pablorfraile) and an anonymous buyer.

The NFT was sold just four months after it was initially purchased, at roughly 10x its original price.

4. The First Tweet: $2.9 Million

An NFT version of Twitter cofounder and CEO Jack Dorsey's first tweet, which was the first ever tweet on Twitter, was auctioned throughout March 2021 and finally sold for an eye-popping $2.9 million.

The token was minted the token through a platform known as Valuables — which allows users to craft NFTs that represent their tweets.

As part of his philanthropic efforts, Dorsey pledged to immediately convert 100% of the proceeds to Bitcoin before donating it to Africa Response.

5. CryptoPunk #6965: $1.54 Million

The second CryptoPunk on this list (seeing a theme yet?), number #6965 sports a funky fedora and an unimpressed expression. It sold for a not-too-shabby $1.54 million in February.

The CryptoPunk is one of just 24 ape Punks, which is the second rarest Punk type after alien.

As of writing, CryptoPunk #6965 is once again for sale and is listed at 2,100 ETH (or $3.42 million). If sold, the seller will net a tidy 122% profit.

However, Berna Bershay, an analyst at Empire Financial Research warns:

“With so much time spent online in the past year, the desire to own digital assets was probably dragged several years forward by the Covid-19 crisis.”

And maybe - with the pandemic beginning to fade (despite "impending doom" warnings from the CDC) that demand is starting to slow, as Bloomberg reports, that is perhaps being confirmed as prices for digital collectibles like art and sports memorabilia are sliding, turning the focus back on whether the nascent market for so-called non-fungible tokens is any more than a fleeting mania.

Additionally, as NonFungible.com shows, the trend for number of sales and volumes has been tumbling in the last few weeks...

Source

Some sense of the demand/price for NFTs can be gauged from the NFT Token

Source

“It’s not meaningful to characterize a concept as a financial bubble,” said Chris Wilmer, a University of Pittsburgh academic who co-edits a blockchain research journal.

“‘NFTs’ aren’t in a bubble any more than ‘cryptocurrency’ is a bubble. There will be manias and irrational exuberance, but cryptocurrency is clearly here to stay with us for the long term and NFTs probably are too.”

Time will tell if this is the start NFT boom's deflation, or whether the volatility is part of a new market going through a period of price discovery - just as bitcoin and ethereum did (and still does).

However, SchiffGold.com's Peter Schiff, is a committed skeptic, as he details below, "Do You Want To Buy A Bridge? Inside The Strange Fantasy World Of NFTs"...

Recently, a piece of collage art entitled “Everydays: The First 5000 Days,” by an artist known as Beeple, sold at a Christie’s auction for $69 million. The Wall Street Journal noted that the price was higher than any that has ever been paid for works of Frida Kahlo, Paul Gaugin, or Salvador Dali. But, before the auction, few outside the digital art world had ever heard of Beeple, which may explain why the bidding started at just $100. But the sale does not suggest a sudden re-evaluation of his talents. Instead, it is a stunning statement about the medium of the art itself or, more precisely, the lack of it. In fact, “Everydays: The First 5000 Days” isn’t made out of anything you can touch. It is entirely virtual.

Unlike other pieces of high-priced art, you can’t hang it over your mantle to dazzle your dinner guests. The image is only available on your computer or, better still, through a virtual reality headset. But even as the owner of the image, you won’t be able to control access to it. The file has been copied thousands of times, so anyone with access to the internet can look at it as much as you. And unlike the clear differences that exist between an original Van Gogh and even the best copies, there will be no visual differences between the digital copies and the original.

Instead,  what the buyer paid for is a unique claim to ownership. And while the art itself can be replicated endlessly, the claim, which entitles the owner to nothing more than the right to resell the claim, appears to be worth $69 million. Welcome to the brave new world of non-fungible tokens (better known as NFTs), the kooky offspring of the red-hot cryptocurrency market. In the NFT universe, a piece of virtual art is worth almost $10 million more than a 238-foot “Bond Villian” mega-yacht in the real world.

Call me crazy, but I’ll take the boat.

NFTs are made possible by the same “blockchain” technology that provides bitcoin with its claims to “scarcity.” Through its distributed ledger model, the supply of cryptocurrencies, such as bitcoin, can be strictly limited, and claims of unique ownership can not be counterfeited. The same technique provides NFTs with their unique “non-fungible” features. But so what? They still have no tangible properties.

The buyer who paid $69 million for the Beeple collage can take comfort from the fact that a single 10-second animated video by the same artist, of a giant dead Donald Trump covered in graffiti, was purchased in October 2020 for $67,000 and was just sold for $6.6 million! No matter that the video is viewable for free online. Price rises like that have fueled an NFT feeding frenzy that is taking many bizarre forms. In recent days, NFT versions of sports trading cards, sneakers, and clothing have sold for tens of thousands of dollars. An NFT version of a tweet by Twitter CEO Jack Dorsey just sold for $2.9 million.

It’s getting so crazy that even jokes about the absurdity get quickly swallowed up in the absurdity. A man in New York just sold an NFT fart for $75 (a relative bargain considering that a virtual version is far less offensive to the nose than a real one.) As proof that this is all just one giant Monty Python spoof, British comedian John Cleese  (the founder of the troop) just posted for sale a simple doodle he drew of the Brooklyn Bridge with the caption, “You want to buy a bridge?” (recalling the classic scam of New York City immigrants).  As of press time, Cleese’s doodle is selling for $36,000. Cheap for a historic bridge, but don’t worry John, there are still 10 days left in the auction.

NFT real estate seems to be the next frontier. A virtual house, by a celebrated online “architect” just sold for $500,000. On March 19, Bloomberg News reported that a real estate investment firm that had been buying distressed condos in the physical world is raising funds, at minimum increments of $25,000, to purchase virtual land in several recently created online “metaverses.” The goal is to develop the “land” into virtual hotels, stores and other uses, hoping to realize outsize profits when they sell to other virtual enthusiasts.

Bloomberg quotes the president of the firm as saying: “Real-world real estate is very uncertain now. Housing prices are at an all-time high. Meanwhile, offices are empty, hotels are empty. Virtual real estate is insulated from a lot of those real-world risks.” (I would counter by saying the investors themselves seem to be insulated from reality.)

But when considered a little more seriously, the NFT craze is actually a semi-rational development in the perfectly insane crypto monetary system. It is not coincidental that almost all the purchases of NFTs have been made with cryptocurrencies. In fact, oftentimes they can ONLY be purchased with crypto. That means no one is buying these fake assets with money earned through sweat and toil in the real world.

For years crypto investors have been watching with glee as their virtual holdings have rocketed into the stratosphere. But one of the cardinal rules of the true believers is that they should “hold on for dear life” (known as HODLing) and only spend when bitcoin reaches its destined price (whatever that may be). But many of these investors may have found that having wealth without spending it is a hollow victory. Many people may be becoming desperate to find something other than commas to show for the crypto riches. But as the pool of people who will sell actual assets for crypto is probably shallow, holders may find it easier to buy virtual assets with their virtual currency. This decision may be aided by the fact that people can buy NFTs without having to convert cryptos into dollars, which might invite unwanted government scrutiny. So what happens in virtual Vegas, seems to be staying in Virtual Vegas.

But the psychological causes may even run deeper. Since many of the crypto elites have made many, many thousand percent gains on their investments, they believe that they have stumbled upon the new El Dorado, the land of unlimited wealth where the streets are paved with the new gold. They feel that they have some secret knowledge of which the rest of us Luddites can’t conceive. They know from wisdom and experience that “new” digital assets have appreciated much faster than their counterparts in the “old” real world. So why buy real estate that may give you a measly 5% annual return when you can get that on a daily basis with virtual real estate? The fact that the pandemic has made us all cyber-dwellers in one form or another has thrown another log on the fire.

Many people have forgotten what it’s like to operate in the real world.

But the mainspring that fuels all of this is the conceit that “real” does not have any intrinsic superiority to “virtual.” Bitcoin has been the best performing asset of the last 10 years, despite the criticism from people like me, who argue that to be considered as a true store of value an asset must have some intrinsic value itself. NFT enthusiasts believe that such criticism of NFTs will be similarly off-target.

So, in that sense, NFTs are really just the next iteration of cryptocurrencies. But with NFTs the absurdities are much more easily seen. We can accept that a monetary unit can have no intrinsic value because for 50 years we have operated under such a system at the national level. The U.S. dollar ceased to have intrinsic value when President Nixon ended its convertibility into gold in 1971. Since then, people have simply seen it as a unit of measure that has value based on the things it will buy from those who are happy to accept it as payment.

The belief that dollars created out of thin air have real value creates the illusion that government deficits don’t matter, and that the government can create real wealth through the printing press. While I believe that such a system is dangerous and invites the kind of government expansion and currency debasement we have seen since 1971, there can be no doubt that it can function, at least until the confidence that undergirds the whole system finally gives way. That’s because no one wants money for its own sake. They want it for the things it can buy.

The acceptance of intrinsically worthless fiat currency has led to the wide acceptance of similarly worthless cryptocurrencies. But virtual assets don’t share the illusions baked into virtual currencies. They are the things that you want to buy with the money. It’s a much heavier lift to convince someone that a virtual house is as good as a real one…especially if it’s raining. As a result, the NFT rally should prove more ephemeral than the rise of cryptos themselves.

It is conceivable, I guess, that this physical world becomes so unpleasant and inhospitable, and that the virtual world becomes so accessible, visceral, and fantastical (through better technology), that a significant number of people will prefer to live in their basements with virtual reality headsets then to go to actual places and meet actual people. If that’s the case, maybe a penthouse on virtual Fifth Avenue will be worth more than an actual penthouse on Fifth Avenue?

But unlike the real thing, which is strictly limited by size, space, and the difficulty of building actual dwellings,  there is really no limit to the number of virtual penthouses that can fit on virtual Fifth Avenue, or the number of virtual Fifth Avenues that can be created, or even the number of virtual New Yorks. So even if there is some cache’ to the virtual digs, how much could it really be worth, especially if the only reason to buy it is to virtually live in it rather than sell it to a greater fool willing to pay more?

Maybe I’m out of touch, but I don’t see that happening anytime soon. Strangely, most people still prefer things that they can touch to things that they can’t. The Matrix was just a movie. It should come as no surprise the Beeple (the artist) immediately turned around and converted the $69 million he made from the sale of his art into dollars.

And so, I suspect that this mania will soon be shown for what it is: a speculative bubble on steroids. Maybe the ultimate collapse of the NFT market will be the pin that pricks the larger crypto bubble. When that happens, perhaps some of the people who were buying what they thought was digital gold will finally buy some of the real thing? That’s because digital gold is as much real gold as a digital house is a real house.

Tyler Durden Sat, 04/03/2021 - 11:31

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Government

Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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