I completely dislike his tone but I like these three words he wrote "Perception is reality".<p>Bank accounts, bonds, stocks, crypto are all in the perception category. The first three try to model a real world process but they are not the real world. The latter is perceived to be outside the bounds of the real world.<p>In fact, people try to abuse flaws in the simulation (the model). The real world decays but money does not. So during a recession people flood into the security of money, that money is supposed to be the perception of the real world, people are flooding into a perception of security that doesn't exist. Strangely enough, the real world keeps getting worse but its perception keeps getting better.