Authored by Mark Jeftovic via BombThrower.,com,

What follows are a couple of excerpts from the last Bitcoin Capitalist Letter, which was a long-form piece that was a refinement of my overall long term investment thesis. It corrects for my biggest mistake in the previous model: the belief that nation states were in secular decline, and centralized government power was waning.

This may be true for the long haul, but for the next five, ten, twenty years – we're heading into an era that numerous commentators have been identifying, and I'm looping under umbrella "State Capitalism". 

More specific to our "Great Bifurcation" thesis, what this really means is State Capitalism for the "haves" and  mass compliance and (the warmth of?) collectivism for the  permanent underclass. UBI is coming out of necessity, and anyone who thinks that isn't going to be some permutation of social credit (most likely based on personal carbon footprint quotas) is ngmi.

Late Stage Globalism

A paper I came across recently was Nicolas Colin's Late-Cyle Investment Theory, which came out in June '25 but Colin was recently a guest on Hidden Forces.