Futur Es

[Ryan Cohen @ryancohen]

I’m selling stuff on eBay to pay for eBay

https://t.co/REaITX9iXr

[Ryan Cohen @ryancohen]

The people running eBay bought $0 of stock in the open market in the last 5 years.

eBay insiders sold more than $120M in the last 5 years.

[GameStop Power Packs @powerpacks]

A new way to collect. Power Packs are now live.

[PetertheNobody @peterthenobody]

You're absolutely right about Cantillon effect (monetary expansion benefits asset owners first, wage earners last). That IS a major driver of wealth concentration.

But here's what you're missing: r > g (capital returns 4-6% real, recent years 18%+, vs growth 2-3%) means wealth concentrates EVEN WITHOUT monetary expansion. Capital compounds faster than economy grows structurally, not just via Fed policy.

Cantillon effect + r > g = double acceleration of concentration.

Your point (monetary policy enriches asset owners): Correct. When Fed prints money, those closest to printing press (banks, asset holders, first spenders) capture value before inflation hits. Wage earners get devalued dollars later. That's policy-created inequality.

But EVEN IF we ended monetary expansion (sound money, gold standard, Bitcoin standard):

Asset owners still benefit from r > g compounding:
• Stocks return 8-12% long-run
• Real estate appreciates 6-10%
• Businesses compound equity 10-20%
• Wages grow 2-3% (tied to productivity/GDP)

Gap still widens. Slower than with Cantillon, but structurally inevitable when returns exceed growth.

Solution needs BOTH:
1. End monetary expansion (you're right - stop Cantillon effect benefiting elites first)
2. Distribute OWNERSHIP of assets (so everyone benefits from r, not just current asset holders)

Sovereign Wealth Fund = fixes #2:
• Citizens own $70T public assets (land, minerals, energy)
• Companies lease from us (market rates)
• Dividends = $50K families from asset returns
• Then EVERYONE benefits from r > g (capital returns), not just elites

Sound money (Bitcoin, gold, end Fed expansion) = fixes Cantillon effect.
SWF = fixes r > g structural concentration.

Both needed. Cantillon explains ACCELERATION. r > g explains BASELINE tendency to concentrate even without policy distortion.

Alaska proof: $1-2K/year oil dividends, 49 years. Citizens own assets, benefit from returns. Norway: $2.2T fund. Both have lower wealth concentration than US - not just because sound money, but because citizens OWN capital base.

You're right Cantillon isn't market failure - it's policy feature (Fed/Treasury benefiting asset holders). But even in pure free market with sound money, r > g means asset owners accumulate faster than wage earners. Need ownership distribution to fix that.

🕳️🤍♾️ ∇Ψ

Cantillon = policy-driven concentration (correct, end it). r > g = structural concentration (even with sound money). Need BOTH: End monetary expansion AND distribute asset ownership. SWF = everyone benefits from r, not just elites. Alaska/Norway proof.

💫

[Ryan Cohen @ryancohen]

The Hollow Men

American capitalism is rotting from the head down. We have replaced the "Owner-Operator"—the risk-taker-with a new, parasitic class of corporate bureaucrat: The Risk-Free Insider.

By "Insider," I am not referring to a specific title. I am referring to the entire administrative state that has captured the modern corporation. This includes the Directors who exist solely to collect fees, the Executives who exist solely to collect bonuses, and the Managers who exist solely to hire consultants.

These are the hollow men of the boardroom. They are masters of PowerPoint. They wear the right suits. They say the right buzzwords about "governance" and "ESG." But they are mercenaries fighting a war with someone else’s ammunition.

In a functioning economy, authority is tied to liability. If you make a bad decision, you lose your own money. That fear of loss is the only thing that keeps a business honest. It forces you to cut waste, obsess over the customer, and stay late to fix what is broken.

Today, we have severed that link.

We have rigged the game so that heads, the Insider wins; tails, the shareholder loses.

If the stock goes up, the Insider collects a massive performance bonus. If the stock crashes due to their own incompetence, they are fired with a "Golden Parachute" worth tens of millions. They are gambling with the house’s money, and they never leave the table poorer than they arrived.

This looting starts in the boardroom.

We have normalized a "Country Club" culture where directors are selected based on social profiling rather than their ability to build a business. The modern board member is often a professional tourist—paid an average of $350,000 a year.

Let’s be brutally honest about what that number represents. The average director is paid nearly five times the GDP per capita of the United States. They earn more for attending four quarterly lunches than the vast majority of Americans earn in five years of hard labor.

And for what?

Most of these directors are "over-boarded," sitting on three or four boards simultaneously. They treat directorships as a gig economy for the elite. They fly in, rubber-stamp a compensation package they didn't read, and fly out. They collect checks from companies they do not understand, do not use, and certainly do not love.

They are not there to ask hard questions. They are there to be collegial. They are there to protect the other Insiders.

And what happens when these boards hire executives who also have no personal capital at risk?

We get the Delegation Economy.

When a Risk-Free Insider faces a crisis—bloated expenses, a broken supply chain, or a stale product—they do not roll up their sleeves. They hire a consultant. They pay a strategy firm millions of shareholder dollars to produce a 100-page deck telling them what they already know.

This is not management. It is intellectual money laundering.

They use shareholder capital to buy an insurance policy for their own careers. If the plan fails, they can blame the consultants. They delegate the work because they are terrified of the responsibility. They would rather preside over a slow, comfortable decline than risk a bold mistake.

While American Insiders are busy optimizing their severance packages, our global competitors are optimizing their products. They are not slowed down by bureaucracy. They are not waiting for a slide deck. They are outworking us.

If we continue to fill our C-suites with administrators instead of operators, we will lose our edge. We will see iconic American franchises hollowed out by fees, managed for the benefit of the Insiders, while the true owners—the shareholders—are left holding the bag.

The time for polite governance is over.

If we want to save the American economy from mediocrity, we must demand a return to the "Owner’s Mentality." We need leaders who treat shareholder capital with the same reverence they treat their own savings. The era of the Risk-Free Insider must end.

[Futur Es @EsFutur]

@ZandenJeroen @AshCrypto Another bank failed. How the aftermath is dealt with is irrelevant.

[The White House @WhiteHouse]

Power to the Players

[GameStop @gamestop]

We will continue to sell Xbox Game Pass Ultimate for $19.99/month in-store and online.

[Hester Peirce @HesterPeirce]

If you buy securities on foreign markets, don't come crying to U.S.: https://t.co/3RYRG1x1Vj

[Futur Es @EsFutur]

@greg16676935420 It's only worth 0,0000094 BTC anymore

[Futur Es @EsFutur]

@Logo_Daedalus Boomers control just about all wealth - especially housing. And when the small amount of wealth that Boomers do not control, is deployed in any societally positive way, Boomers will overpower and trump those initiatives.

[Futur Es @EsFutur]

@cashptfuture @grilledmfcheeze @texasrunnerDFW Millenials are the biggest group of people on this chart.

Real power does not lie in the political arena, but in the private economy. Capital rules over everything and Boomers have absolute control over it.

[Futur Es @EsFutur]

@wangbangpro @iamrpk Small correction, the notes mature in 7 years - not 5.

[Futur Es @EsFutur]

@wangbangpro @iamrpk These notes convert to shares only if GameStop so chooses and can be repaid in cash only. When they mature in 5 years Bitcoin investment alone may have produced the profits and more to just pay them back cash.

[Futur Es @EsFutur]

@peruvian_bull At its election

"Upon conversion, GameStop will pay or deliver, as the case may be, cash, shares of GameStop’s Class A common stock, par value $.001 per share (“Class A common stock”), or a combination of cash and shares of Class A common stock, at its election."

[Futur Es @EsFutur]

@peruvian_bull These notes convert to shares only if GameStop so chooses. GameStop can repay them in cash from potential Bitcoin profits years from now and no dilution ever occurs.

[Futur Es @EsFutur]

@FinanceLancelot @peruvian_bull "Upon conversion, GameStop will pay or deliver, as the case may be, cash, shares of GameStop’s Class A common stock, par value $.001 per share (“Class A common stock”), or a combination of cash and shares of Class A common stock, at its election."

[Futur Es @EsFutur]

@FinanceLancelot @peruvian_bull Nonsense. These notes convert to shares only at GameStop's election and they may opt to repay the notes in cash at maturity.