The Compute Standard
Japan never paid for 1989. It refinanced for 36 years. The AI credit stack is the new invoice.
Capital Misallocation™ · Essay #4
The 4th of 50 essays on Capital Misallocation™. The Mississippi essay was about how Systems form. The South Sea essay was about how forced buying works. The Railway Hallucination was about what happens after: the technology wins, the infrastructure survives, the investors get destroyed. This one is about what happens before. The deferral of a bill for thirty-six years. The refinancing vehicle that warehoused it. And the moment that vehicle starts lending into the next boom.
Keep reading with a 7-day free trial
Subscribe to Capital Misallocation to keep reading this post and get 7 days of free access to the full post archives.