BC ECONOMY
Saved by @CodyyyGardner

Community Capitalism

I wanted to wrap up the year by writing about something I have been thinking about for the last few months:

Who owns the best businesses in the world?

I am trying to draw a line from inherited wealth of feudal lords to community-owned services with tokens.

 The last 1,000 years can be roughly split into two 500-year chunks: feudalism & capitalism. Feudal lords controlled all of the land, farms, buildings and capital. This was passed down inside families and never distributed to the workers.

Capitalism totally changed that.
Risk, reward and ruin were separated when joint-stock companies became more common. The prerequisite for successful entrepreneurship shifted from inheritance to initiative.

People without wealth could access it and start new ventures.

Founders started founding new companies.
Equity compensation kicked off in the 1950s but it really went into overdrive when it was mixed with high-growth technology companies backed with high-risk equity bets. Silicon Valley perfected the art. Employees at many of the most successful technology companies became owners.
The SEC did two huge things this year. They raised the crowdfunding limit to $5m and introduced a proposal to allow gig workers to receive stock.

I predict that we will see competitors to Airbnb, Uber and DoorDash all take advantage of this rule.
https://t.co/ptLHUJyUbQ
What was the greatest technology investment of the 2010s that was available to the general public? Answer: The Ether Sale in 2014

Initial investors in that event who held on to $1,000+ Ether made 3,000x their money. There has never been an event like it.

https://t.co/4S7maTq6As
Every month, a bunch of new ways to earn tokens pops up: mining, staking, liquidating, curating, slashing, contributing, securing, managing.

Protocols are rewarding the participants with a share of the capital.
https://t.co/C93K1H4HD7
This year, the stock market was pushed to new heights during a pandemic while millions of people lost their jobs. The wealth gap is becoming a wealth gulf.

I do not have all the answers to this problem, but my gut tells me that we need more people to become owners of technology.
Owning public stock in the digital services is not enough. We need to own the services themselves. Big technology companies have become more powerful than nation states. The community capital of the 21st century must be distributed as far as possible.

https://t.co/b3HYOzuLIu
I hope we will look back on the digital services of today in the same way we view the feudal lords of yore. These tyrants that controlled the digital land and forced us to till their soil.

There is so much amazing stuff to be built. Community capitalism is coming.
Note: These thoughts are extremely loose and have only a smattering of historical depth. I welcome all corrections, clarifications and criticism.

I just wanted to get this idea out.

If you would like to read the full post, I just sent it out on Substack: https://t.co/3c9N31W31Y

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https://t.co/fa3GX9VnW0

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Let me break it down for you. (1/n)


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Diminishing Marginal Returns

The productivity of our debt is collapsing and that is creating a major problem.

The problem is here now, and not in the future.

Here is why:

1)


Charted below is the increase in total debt and the increase in nominal GDP in the 8 quarters before each of the last six recessions.

In other words, how much did debt increase, and how much did GDP increase in the final two years of each economic expansion?

2)


As the chart shows, it is taking a larger amount of debt to increase GDP.

3)


Graphed another way, leading up to the 1980 recession it took about 1.94 dollars of debt to boost GDP by 1 dollar.

Leading up to the COVID recession saw debt increase nearly 6 dollars for each 1 dollar of GDP growth.

4)


Flipping the ratio shows the decline in the utility of debt.

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This becomes a larger problem when we think about "growth rates" instead of nominal dollars.

5)
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