White Boy. (Any views expressed in the below are… | by Arthur Hayes | Nov, 2022

I have been itching to write this essay for some time, but lacked a foil and context to make it relevant to my readers. So please follow closely as I give you a quick tour of the founding of the United States of America and the formative influence it has had on its racially-delineated social caste system, which I will argue powered SBF’s rise and FTX’s ultimate collapse. It will take me a bit to get to that second part, so bear with me as I walk you through a brief history lesson.

  • As I’ve argued in past essays, remember that every nation state or society has a culture predicated on different social stratas; there is always an “other”. The “others” are different because of their skin colour, ethnicity, religion, and/or accent. But there are always those at the top who economically exploit those “others” at the bottom and justify their cruel inhumane actions due to said shortcomings. If you are interested in exploring a more in-depth discussion of the long history of this line of thinking, I recommend reading Howard Zinn’s “A People’s History of the United States”.
  • Note that I will be using the term “white” to refer to people of European descent, and the term “black” to describe people of African descent. But, what do you call a person whose lineage has a bit of both? Are they “white”, “black”, or something different? Why does one drop of “blackness” destroy “whiteness”? I could write a whole essay deconstructing the linguistic lineage of these American terms for race, but that’s a topic for another day. For now, let’s be clear that I hate using them, but for the sake of brevity and ease of understanding I shall continue to use these misguided — and frankly, insidious — labels.
  • In Pax Americana, it is verboten to suggest that the caste system is alive and well. If you are approaching this essay with that mentality and you aren’t interested in opening your mind, please stop reading here. If you’d prefer to continue believing in the fairytale of American exceptionalism, you can subscribe to the establishment’s whitewashed narrative of the implosion of the Death Star by just picking up a copy of the New York Times. Their recent puff piece on SBF’s demise, which frames his seemingly massive fraud as “well-meaning wunderkind tried to do too much good at once”, is downright inexplicable unless you dig deeper to understand the societal factors at play here.

I want to thank the blog Milky Eggs for their excellent breakdown on the history of the Death Star. They have done much more in-depth research on this subject, and their conclusions broadly align with my theories. I shall annotate this section with quotes from their blog.

  • Voyager/BlockFi acquisition: $1.5b
  • LUNA exposure: $1b
  • KCG-style algo crash: $1b
  • FTT/SRM collateral maintenance: $2b
  • Venture capital: $2b
  • Real estate, branding, other frivolous spending: $2b
  • FTT drop from $22 to $4: $4b
  • Discretionary longs going bad: $2b
  • Total: $15.5 billion

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