Of course, many of his acolytes—especially those in Silicon Valley—have tended to believe that he has everything in hand.

One thing I’ve learned recently is how braindead much of the Silicon Valley venture capital community actually is. It wasn’t just that they all put their money in one bank that collapsed when they all pulled out. A major act of stupidity in itself. It is that they consistently have very little idea how business works in general. They seem to be living in an insulated bubble, and only survive because other people dump billions of dollars into their laps. No one checks up on them nor verify whether any of their startups are actually viable. It’s just more and more money dumped into their laps with most of it wasted.

Eventually, the cash spigot will end, and my bet is nearly all of them will forced out of the industry. Collectively, they have done nothing but waste hundreds of billions of other people’s money. Even their few “success” stories are examples like companies that got bought out with few of them ever making money, or companies that could only survive if the venture capital market was crazy strong. So even those are flops if we’re honest. So the whole thing seems destined to fail in a spectacular way.