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Pluralistic: Thwarted (09 Oct 2026)


Today's links

  • Thwarted: Behold the awesome destructive power of a fully operational billionaire.
  • Hey look at this: Delights to delectate.
  • Object permanence: Anthrax v National Inquirer; Grey goo v Second Life; Predictive policing v actual crime; Spooky cookies; California v algorithmic price-fixing; Tivo self-destructs; Disney exec endorses piracy; TSA v geologists; Handheld printer; Mandatory DRM for all Canadian music sales; Iceweasel; "Snuff"; "Shade the Changing Girl"; Latam surveillance; Scotland Yard brands encryption terrorism; RBS slaughtered 10k small businesses to seize and sell their assets; Dead Letters.
  • Upcoming appearances: Calgary, Winnipeg, Paris, Vancouver, Victoria, Ottawa, Kilkenny, Sheffield, Oxford, Montreal.
  • Recent appearances: Where I've been.
  • Latest books: You keep readin' em, I'll keep writin' 'em.
  • Upcoming books: Like I said, I'll keep writin' 'em.
  • Colophon: All the rest.



The Warner Brother tower posed against a vintage map of Burbank, keeling over, tearing up a huge clot of sod and concrete. Standing atop of the tower, forcing it down, is a sad, spavined donkey in Democratic Party livery. Being crushed under the tower is the California flag bear, with blood pouring out of its eye and mouth.

Thwarted (permalink)

There are many ways in which every billionaire is a policy failure, but the most corrosive and destructive way in which billionaires are policy failures is this: billionaires, despite being unelected and unaccountable, possess the power to control – and ruin – millions of peoples' lives.

Despite what the Prosperity Gospel and the Efficient Market Hypothesis would have you believe, having billions of dollars is in no way a reliable predictor that you also possess the wisdom to unilaterally dictate how thousands or millions of other people must live their lives, and that dictatorial power is the most tangible effect of being a billionaire.

Billionaireism is many things, but above all else, it is the power to do whatever you want to do, at the expense of whatever other people want to do. To be a billionaire is to live a life unthwarted, above the power of your workers, your neighbors, or your government and its laws. It is the right to get high on your own supply. It is the right to live a life in which no one ever calls you on your bullshit.

Billionaires aspire to live a one-sided libertarian fantasy in which they have the unlimited right to do whatever they want, and you have the right to do whatever they tell you to do.

There has always been a group of people who refused to acknowledge that other people have perfectly valid reasons for wanting to pursue their own goals rather than theirs. We call most of those people "toddlers" and devote sizable social effort to helping them outgrow this belief. Billionaires, on the other hand, command resources that allow them to devote sizable effort to getting us to acknowledge that they should be able to tell us what to do.

This is why billionaires love neoclassical economics, with its doctrine of "revealed preferences," which holds that the only true way to understand someone's preferences is to ignore what they say and only pay attention to what they do. It's a belief that can only be adopted by people who suffer the self-inflicted neurological injury you get from doing an economics degree, which renders the victim incapable of perceiving or reasoning about power. To believe in "revealed preferences" is to observe someone who has sold their kidney to pay the rent and marvel at this person who has a revealed preference for only having one kidney:

https://pluralistic.net/2026/03/30/players-of-games/#know-when-to-fold-em

"Revealed preferences" is the economist's version of the bully who grabs your arm and starts whacking you with your own hand while shouting, "stop hitting yourself!" The ideological purpose that "revealed preferences" fills is letting billionaires live a life unthwarted. It's a life where they thwart everyone else, but still claim to be believers in "freedom."

This is what Peter Thiel meant when he wrote that "democracy is incompatible with freedom." In a democracy, the people who you exercise coercive power over are able to band together to create public institutions that act as a check on your power. For Thiel to maximize his freedom (to do things like spying on us and crushing our journalistic outlets), he must prevent all of us from voting, lest we vote to take away those cherished freedoms of his:

https://www.cato-unbound.org/2009/04/13/peter-thiel/education-libertarian/

We're told that as mere mortals, we must inevitably submit to "death and taxes." Billionaires have long since so corrupted our political system that they need not pay taxes:

https://press.uchicago.edu/ucp/books/book/chicago/S/bo256019296.html

They have (practically speaking) infinite wealth, which means that they have practically infinite power, including the power to block any democratic attempt to limit their wealth (and thus their power):

https://www.hamiltonnolan.com/p/the-war-against-accumulated-capital

Having vanquished taxes, the ultra-rich are now committed to defeating death as well, making themselves easy marks for the world's weirdest cult leaders and grifters, who promise them a mix of physical and digital immortality:

https://www.youtube.com/watch?v=0oVSnaINJ30

The fact that billionaires are such suckers, so often, is the strongest argument against billionaireism. Billionaires aren't just powerful, they're also fallible. We're all fallible, of course, but only billionaires get to impose their foolish ideas on so many other people, who have no say in the matter.

Henry Ford thought that he was so rich that he could build Brazilian worker housing whose windows faced the same direction as the worker housing he'd built in Dearborn, Michigan. He literally thought that being rich meant that he could ignore the entire concept of the Earth's axial tilt (he was wrong):

https://memex.craphound.com/2010/06/02/fordlandia-novelistic-history-of-henry-fords-doomed-midwestern-town-in-the-amazon-jungle/

Of course that was the least of Ford's follies. Ford also believed in a secret Jewish conspiracy to control humanity:

https://www.pbs.org/wgbh/americanexperience/features/henryford-antisemitism/

And despite the fact that Ford was so often demonstrably as thick as pigshit, no one was able to stop him from hiring soldiers to literally slaughter anyone who tried to limit his ability to tell other people how to live their lives:

https://en.wikipedia.org/wiki/Battle_of_the_Overpass

Ford is no exception. Elon Musk believes in the same racist garbage as Henry Ford…but he also believes that if you're rich enough, you can simply wish away geometry and physics:

https://pluralistic.net/2025/07/24/geometry-hates-cars/#dogshit-unit-economics

More than anyone else, Musk illustrates the way that being insulated from people who can thwart you leads to absolute ruination. Every terrible idea Musk has, he gets to act on. This has all kinds of negative impacts, including the very real possibility that some day your house will be crushed by his flaming rocketry debris:

https://www.vice.com/en/article/texas-residents-are-suing-spacex-over-terrestrial-bombardment/

That's small potatoes, though: Musk's wrong ideas, combined with his billionaire's impunity, also allowed him to murder hundreds of thousands of the world's poorest children:

https://hsph.harvard.edu/news/usaid-shutdown-has-led-to-hundreds-of-thousands-of-deaths/

Billionaireism is fractally terrible. By definition, the kind of person who will inflict the kinds of harms needed to amass billions of dollars in pursuit of total impunity is someone who will use that impunity to hurt even more people. Anyone who fails to outgrow a toddler's insistence on subordinating others to their will should not be allowed to subordinate anyone to their will.

Billionaire dilettantes aren't like regular dilettantes. Anyone can be a crank, but billionaire cranks have the force-multiplier of money and the impunity it brings. These allow a billionaire to turn his crackpot ideas into an unstoppable force that crushes public education:

https://pluralistic.net/2026/03/09/autocrats-of-trade-2/#witness-the-firepower-of-this-fully-armed-and-operational-battle-station

It also lets billionaires (including the billionaire ruining public education) kidnap and rape more than a thousand girls on a private island:

https://www.pbs.org/newshour/politics/what-to-know-about-bill-gates-relationship-with-jeffrey-epstein-as-he-is-interviewed-in-house-probe

Whatever crank whim a rich person has, we all have to live with. Take Barre Seid: the 94 year old billionaire made his fortune manufacturing electronics, and then donated $1.6b to fund "attack philanthropy" in order to undermine belief in climate change and prevent any action from being taken to avert it:

https://www.propublica.org/article/barre-seid-heartland-institute-hillsdale-college-gmu

Seid is one of the main reasons we're experiencing the super El Nino. He's not just in the top 0.1% of wealth-horders, he's also in the top 0.1% of people we can blame for the twelve foot sea-level rise that is currently wiping Long Beach off the map:

https://ktla.com/news/local-news/long-beach-boardwalk-collapse-rachel-surf/

Henry Ford didn't believe in the planet's axial tilt. Elon Musk doesn't believe in geometry.

Barre Seid doesn't believe in climate change. But Barre Seid does believe something: Barre Seid believes in rats.

For three years, Seid has paid a small army of goons to wander the area around Chicago's Lincoln Park, scattering handfuls of high-grade nuts on the ground, which have drawn flocks of pigeons and swarms of rats. Rats are everywhere. Everything is covered in pigeon shit. Seid has been repeatedly fined and cited and warned, and he's carried on turning the neighborhood into an uncontrolled vermin breeding facility:

https://gizmodo.com/a-billionaire-is-fueling-a-rat-explosion-in-a-chicago-park-in-the-stupidest-way-possible-2000823641

Whether or not the people who live, work and play in Lincoln Park want to be swarmed by rats and slip in thick slicks of pigeon shit is irrelevant. Seid can afford to pay any fine the city levies against him (a fine is a price, and he's a billionaire), which means there's no practical reason Seid has to ever stop. He has the freedom to operate unthwarted in his every desire, including his desire to carpet an entire neighborhood in feces, so everyone else lacks the freedom to live without pigeon shit and rats.

That's the thing about billionaires: as Peter Thiel wrote, democracy is incompatible with freedom (to be a billionaire). The fact that Barre Seid's desire to transform Lincoln Park into a pigeon-shit manure lagoon is wildly unpopular with Chicagoans is irrelevant. You can't vote Barre Seid out of office, because no one elected him Pigeon Shit Czar. He has assumed that office by right of conquest.

Our lives are full of horrible, extremely unpopular things that we can't vote away because billionaires like them. Take the decision to allow Larry Ellison and his failson to buy and kill Warner Studios. That's an incredibly unpopular idea, especially in California, where Warner, Paramount and the Ellisons are all based. Despite the fact that we all hate this idea, Ellison gets to do it, because he is unthwartable:

https://pluralistic.net/2026/09/22/happy-chudmas/#baloney-in-our-slacks

Some of California's most powerful Democrats promised to stop the merger. Instead, they signed away California's future because they decided that they weren't powerful enough to thwart a billionaire:

https://prospect.org/2026/10/08/democrats-who-let-trumps-oligarchs-buy-hollywood-warner-bros-david-ellison-gavin-newsom/

The Warnermount disaster demonstrates the fundamental flaw in libertarianism. Even if you're the kind of Musk-addled libertarian who can't open your copy of Atlas Shrugged anymore because the pages are all stuck together and you think the only role for the state is enforcing contracts, you still need the state to be able to enforce those contracts. If corporations or even individual billionaires amass more power than the state, then they can always tell the state's contract enforcers to fuck off.

The ref must be more powerful than the players on the field, so the smallest government you can have is determined by the size of the largest corporation and the wealth of the richest billionaire you're willing to tolerate.

The world is in really bad shape right now, but it doesn't have to be. As Mamdani has shown us, it's not that hard to run a well-administered, advanced technological civilization. Fixing potholes and making transit work and enforcing housing rules isn't rocket surgery. We know how to do those things – we just don't do them because billionaires don't want us to, and they are unthwartable:

https://yourlocalepidemiologist.substack.com/p/the-revolutionary-art-of-fixing-the

We let the most greedy, most ruthless people among us pursue their toddler's quest for an unthwarted life to the expense of any semblance of competent administration, and now we are fucked. That's why people are so angry about AI: there's nothing wrong with the idea of automating some tasks through advanced statistical techniques, but the reason so much of the world's scarce resources have been allocated to the AI buildout is that billionaires are infinitely horny for a technology that will let them sideline expertise in favor of money:

https://pluralistic.net/2026/10/06/nonfungible/#theory-free

After all, experts get to thwart billionaires. They can refuse to apply their expertise to a billionaire's folly. The kind of AI that the industry is pursuing today is predicated on the idea that you can just ask a computer to come up with "theory-free inferences" that will let it run a factory, drive a car, or perform medicine, without knowing anything, just by pulling statistical correlations out of unimaginably vast data-sets.

At some level, people get this. They understand that AI and billionaireism are intimately connected – that the reason the sector is on track to lose about a trillion dollars this year is that for billionaires, a trillion bucks is a small price to pay for an unthwartable life.


Hey look at this (permalink)



A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

#25yrsago National Inquirer shuts offices after anthrax delivery https://web.archive.org/web/20011221185744/https://www.etonline.com/celebrity/a6975.htm

#20yrsago Grey Goo melting online world Second Life https://web.archive.org/web/20061023190111/http://blog.secondlife.com/2006/10/08/grid-set-back-to-linden-login-only-some-goo-missed/
#20yrsago TiVo’s “self-destruct button” destructs https://web.archive.org/web/20061014132917/http://reviews.cnet.com/4531-10921_7-6650194.html

#20yrsago Disney exec: Piracy is just a business model https://www.netribution.co.uk/stories/cross-media/disney-co-chair-recognises-piracy-is-a-business-model

#20yrsago TSA confiscates geologist’s rock https://web.archive.org/web/20061019132853/https://www.courant.com/news/opinion/op_ed/hc-thorson1005.artoct05,0,777555.column?coll=hc-headlines-oped

#20yrsago Handheld printer made from a toner cartridge https://spritesmods.com/?art=inker&page=4

#20yrsago Panicked chefs propose copyrighted food https://megnut.com/2006/10/10/keep-recipes-free/

#20yrsago Canadian music proposal would require DRM for online tunes https://web.archive.org/web/20061022201913/https://www.jeremydebeer.ca/content/view/95/2/

#20yrsago Iceweasel, a free-as-in-speech version of Firefox https://en.wikipedia.org/wiki/Debian–Mozilla_trademark_dispute

#15yrsago Pratchett’s Snuff: a rural/nautical tale of drawing-room gentility, racism, and justice https://memex.craphound.com/2011/10/10/pratchetts-snuff-a-rural-nautical-tale-of-drawing-room-gentility-racism-and-justice/

#10yrsago Shade the Changing Girl: amazing, gorgeous new comic about aliens and mean girls https://memex.craphound.com/2016/10/10/shade-the-changing-girl-amazing-gorgeous-new-comic-about-aliens-and-mean-girls/

#10yrsago Massive report details the surveillance powers of 12 Central and South American nations https://necessaryandproportionate.org/principles/

#10yrsago Scotland Yard charge: teaching people to use cryptography is an act of terrorism https://arstechnica.com/tech-policy/2016/10/cops-charge-cardiff-man-with-terrorist-crypto-training-offence/

#10yrsago RBS deliberately crushed more than 1,000 healthy UK businesses to seize and sell their assets https://www.buzzfeed.com/heidiblake/dash-for-cash?utm_term=.iq9ndLB5#.udNbypOJ

#10yrsago Though crime happens everywhere, predictive policing tools send cops to poor/black neighborhoods https://www.mic.com/articles/156286/crime-prediction-tool-pred-pol-only-amplifies-racially-biased-policing-study-shows

#10yrsago Bake: spooky chocolate chip cookies https://www.instructables.com/Creepy-Chocolate-Chip-Cookies/

#5yrsago Dead letters https://pluralistic.net/2021/10/10/dead-letters/

#1yrago A disenshittification moment from the land of mass storage https://pluralistic.net/2025/10/10/synology/#how-about-nah

#1yrago California bans algorithmic price-fixing https://pluralistic.net/2025/10/09/pricewars/#adam-smith-communist


Upcoming appearances (permalink)

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A screenshot of me at my desk, doing a livecast.

Recent appearances (permalink)



A grid of my books with Will Stahle covers..

Latest books (permalink)



A cardboard book box with the Macmillan logo.

Upcoming books (permalink)

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027
  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, April 20, 2027

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027



Colophon (permalink)

Today's top sources:

Currently writing:

  • “Once Is Enemy Action,” a science fiction novel about the origins of modern technofascism. Today's words: 537 (23966 total).
  • "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America. Fourth draft completed. Submitted to editor.

  • A Little Brother short story about DIY insulin PLANNING


This work – excluding any serialized fiction – is licensed under a Creative Commons Attribution 4.0 license. That means you can use it any way you like, including commercially, provided that you attribute it to me, Cory Doctorow, and include a link to pluralistic.net.

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"When life gives you SARS, you make sarsaparilla" -Joey "Accordion Guy" DeVilla

READ CAREFULLY: By reading this, you agree, on behalf of your employer, to release me from all obligations and waivers arising from any and all NON-NEGOTIATED agreements, licenses, terms-of-service, shrinkwrap, clickwrap, browsewrap, confidentiality, non-disclosure, non-compete and acceptable use policies ("BOGUS AGREEMENTS") that I have entered into with your employer, its partners, licensors, agents and assigns, in perpetuity, without prejudice to my ongoing rights and privileges. You further represent that you have the authority to release me from any BOGUS AGREEMENTS on behalf of your employer.

ISSN: 3066-764X

  •  

Trump Cooks Up New Conspiracy Theories About the Butler Assassination Attempt

Trump Asserts (Without Evidence, of Course) That the Biden Administration Tried to Murder Him

One thing I would not have expected President Donald J. Trump to be spending his time on with just weeks to go until Election Day is creating new conspiracy theories about Tom Crooks, who shot at him in the summer of 2024 from a rooftop in Butler, Pennsylvania. But here we are.

The president yesterday asserted on Truth Social that Butler “was all a Democrat Plot, to get me out of the Election, that failed.”

That the assassination attempt was the work of Trump’s political enemies is a baseless claim that the White House has leaned into for some time. In early January, the White House published a revisionist history of Jan. 6 that, TPM’s Hunter Walker noted at the time, included the following line: “Despite relentless Deep State efforts to imprison, bankrupt, and assassinate him … President Trump emerges triumphant.”

The website suggested, without any shred of evidence, that what happened in Butler was the work of the “Deep State” — the catch-all term for any government bureaucrat who might be behaving in a disfavored way, from slowing deregulation to, apparently, plotting a presidential candidate’s murder.

But Trump himself blaming it directly on a “Democrat Plot” takes the claim to another level. He then went on to castigate former FBI Director Chris Wray, claiming materials about the assassination were “missing, altered, corrupted or gone” and declaring Wray should “pay a price for the way he handled this assassination attempt.”

It’s unclear what Trump is gesturing toward here, if anything. The New York Post reported yesterday that “a trove of documents” was provided by law enforcement to Senate Judiciary Committee Chairman Chuck Grassley (R-IA) as part of his investigation into the assassination attempt. But the documents sound like they simply add details to what we already knew: Crooks was really into guns, and didn’t talk to people much.

Grassley himself seemed to tell NBC yesterday that there wasn’t new information about a plot. “We don’t know anything about the motivation [of] why [Crooks] wanted to kill Trump,” he said.

FBI Director Kash Patel yesterday also seemed to throw cold water on the idea of any plot. “We found no evidence that [Crooks] was literally even speaking to any other human being other than his parents who he resided with,” he told the Senate Judiciary Committee.

Among the few things we do know about Crooks, in fact, was that his desire to create a spectacle appeared nonpartisan. He went to the gun range a lot, and didn’t talk very much. He googled the dates of the Democratic and Republican National Conventions. He researched school shooters, and Lee Harvey Oswald, to whom he is now often compared.

“Neither Oswald nor Crooks were the kind of people who make history, not like Kennedy and Trump,” wrote Mike Rothschild, who writes about conspiracy theories for TPM, around Butler’s second anniversary. “But somehow, these two losers found a way to write their names into the fabric of American lore. Something greater had to be at work. There had to be a conspiracy — who was behind it and why would have to be filled in later.”

A significant portion — 24% — of Americans now believe Butler was staged, polls suggest. An additional 32% don’t know what to think. These conspiracy theorists, however, tend not to believe it was the work of Democrats. Rather, they think it was a plot orchestrated by Trump himself.

This is an unpaid cross promotion from our friends at Popular Information: Are you curious about what politicians are funded by major corporations? Would you like to know how money impacts important policy decisions? Would you like to peek behind the curtain of DC’s influence game? If you answered yes to any of these questions, we recommend signing up for Popular Information, an independent newsletter dedicated to accountability journalism. 

Bigotry and Corruption

WASHINGTON, DC – AUGUST 07: U.S. Sen. John Cornyn (R-TX) walks towards the Senate Chambers in the U.S. Capitol Building on August 07, 2026 in Washington, DC.(Photo by Finn Gomez/Getty Images)

As Republican senators lost their primaries to Trump-backed opponents or opted not to run again, some reporters at news outlets that cover Capitol Hill closely rubbed their hands together, predicting that now Trump would really have a problem on his hands. The results have been … underwhelming. Honestly kind of lame. Thom Tillis’ (R-NC) red lines are confusing, shifting, and often meaningless. Same — but even more so — for Bill Cassidy (R-LA). John Cornyn (R-TX) too.

But, despite the lack of a substantive shift in GOP legislating, it has been interesting to see these senators critique their own party with insiders’ knowledge.

  • Here’s John Cornyn, speaking to veteran Hill reporter Igor Bobic about racist tweets by Texas candidate Bo French and all the Nazi staffers in the GOP: “I think too many people are tolerating conduct that in the past would have been disqualifying when it comes to politics, and what’s happened, I think people’s sort of public standards have eroded to where a lot of things that, like I said, that would not have been tolerated before, or normalized.”
  • He continues: “Some of the anti-Semitism, some of the bigotry like Bo French’s comments, and some of the corruption, and I think those are those are the death knell for a political party.” Sounds right! Except for the “death knell” part — plenty of political movements worldwide (and through U.S. history) have built their ascendancy on hate.
  • Josh Kovensky has a look at the imbroglio around French’s racist and anti-immigrant posts, which is somewhat confusing, as he’s been doing this for months. More broadly, the Texas GOP has built its midterm strategy around fear-mongering about Indian-Americans and Muslim immigrants.
  •  

Pluralistic: AI solipsists and AI cynics (24 Jul 2026)


Today's links



A carny barker waving his top-hat and selling tickets from a roll; his head has been replaced with the hostile red eye of HAL9000 from Kubrick's '2001: A Space Odyssey.' The background is a magnified, halftoned detail from a US$100 bill.

AI solipsists and AI cynics (permalink)

As a technology, AI isn't exceptional. It's not exceptionally wicked. It's not exceptionally good. Take away the accompanying, galactic-scale stock-swindle, and we'd call AI's applications "plug-ins" and we'd use them and abuse them in the same way that we've used every other technology:

https://www.normaltech.ai/

As a destructive economic pathology, AI is extraordinary. AI boosters have spent a baffling and terrifying sum of money – over $1.4T, most of that in the past year – on the promise of making as many workers unemployed as possible, while lowering the wages of the meager survivors of this jobspocalypse. To make things worse, AI can't do the jobs it's replacing: AI is predicated on the premise that the monopolies, duopolies and cartels that control the global economy can deliberately worsen their products without suffering economic or regulatory consequences, because they're the only game in town.

In service to this bubble, AI companies have suborned regional governments into running roughshod over environmental and planning review in order to build endless acres of data centers, many of which will likely end up casualties of the imminent bubble-pop, never to be switched on or even completed. What an indignity to have your farm or house seized through eminent domain, only to see it razed and replaced by a weed-choked empty field, a lonely foundation slab, or an abandoned empty building that could only ever be repurposed for laser-tag or an ICE concentration-camp:

https://gizmodo.com/trump-on-data-centers-you-cant-fight-it-you-have-to-go-with-it-2000790014

This is just one of the many negative effects of AI that can be traced to the scale of the bubble. Were it not for the imperative to turn more than a trillion dollars of losses into a profit, we would not have the aggressive, site-destroying scraping epidemic. Nor would we see AI crammed into every part of every product and service we use. And of course, in the absence of the investment bubble, businesses wouldn't be firing productive workers and replacing them with defective chatbots.

The single most salient fact about AI is the investment bubble, not the technical characteristics of chatbots or recent advances in statistical inference. AI's investor story is an incoherent tangle of predictions about AI's future, ranging from the outlandish ("Once we spend enough money, AI will become God and solve all our problems, including our profitability crisis") to the dystopian ("The majority of jobs in the economy will be done by our chatbots, and the employers who previously employed those workers will split the wage savings with us").

None of these stories are plausible, which raises an urgent question: why have the world's wealthiest investors been so eager to hand over trillions to finance this bubble?

I have previously written about one reason that billionaires find the AI story so compelling: at root, many billionaires just don't believe most other people are actually, fully real. How could they? Achieving billionairehood requires that you inflict pain on vast numbers of people. If you truly believed that those people were as real as you are, you'd never be able to look yourself in the mirror. Whether it's Leona Helmsley's claim that "only the little people pay taxes," or Elon Musk's habit of calling people who disagree with him "NPCs," the whole ideological project of billionaireism is shot through with a kind of solipsism:

https://pluralistic.net/2026/01/05/fisher-price-steering-wheel/#billionaire-solipsism

This is true even in one-on-one encounters: for the Epstein Class, the children raped on his island weren't fully real – certainly not as real as their own children. It's even more true for the people that billionaires experience as statistical artifacts, such as Jeff Bezos's vast army of drivers and warehouse workers, with their sky-high on-the-job injury rates and the everyday indignity of their piss-bottles. It gets worse for social media bosses like Mark Zuckerberg, for whom AI's principal appeal is the prospect of ending socializing on social media, swapping your mulish friends for pliable chatbots who will organize their interactions with you to maximize your platform usage and thus the number of ads you see:

https://pluralistic.net/2026/01/19/billionaire-solipsism/#sirius-cybernetics

I think billionaire solipsism can account for much of the malinvestment in this obvious bubble, but I don't think it's the whole story. Rather, I think there's a whole cohort of investors who don't believe in AI, but believe that other people will believe in AI.

This is a well-established investment principle. As Keynes wrote, the point of investing isn't necessarily to pick the most beautiful contestant to win the beauty contest – it's to pick the contestant that the other judges will hand the crown to:

https://en.wikipedia.org/wiki/Keynesian_beauty_contest

In other words, you don't get rich from stock speculation by identifying the businesses whose profitability will grow the most – you get rich by identifying the businesses that other investors will pile into, pushing the price up. All you need to do is sell your shares after the price spike, but before anyone else figures out that the business is a turkey. It's like that old joke: "I don't need to run faster than the bear (market), I just have to run faster than you."

From the perspective of a cynical AI investor, the question isn't, "Can AI do your job?" The question is, "Can an AI salesman convince your boss that an AI can do your job?" So long as enough bosses are convinced to fire workers and replace them with AI, AI valuation will continue to climb, and if they time the market right, they can get out before those valuations crash. This proposition gets even sweeter if the CEO of the AI company is in bed with financial regulators and stock exchanges, and can force your financial advisor to buy his worthless AI stock with "little people's" retirement savings:

https://fortune.com/2026/06/13/spacex-stock-index-funds-passive-investing-401k-nasdaq-100-russell/

A bet that bosses will fire workers and replace them with AI is a good wager. Bosses are absolute suckers for this scam. Bosses hate the fact that they can't translate their plans into action without first having a series of ego-shattering confrontations with workers who actually know how to do things, who insist that those plans are illegal, stupid, impossible or will kill people:

https://pluralistic.net/2026/03/12/normal-technology/#bubble-exceptionalism

For these bosses, AI is the chance to wire the toy steering wheel they play with all day directly into the corporate drive-train. With enough AI slaves, the boss can run the company all on their own:

https://pluralistic.net/2026/07/10/posthuman-as-in-no-humans/#hell-is-other-people

In other words, you don't need to be a solipsist to bet on AI. It is sufficient to believe that bosses are solipsists, who can be relied upon to empty the corporate coffers in exchange for worker-replacing magic beans.

This is true in many scam sectors. I'm sure that most of the people who finance the supplements that Andrew Tate and Joe Rogan hawk understand that they're just a way to give yourself very expensive piss. They don't have to believe supplements work to believe that there is an army of desperate and credulous young men who will give anything for the promise they dangle.

Likewise, you don't have to believe that Gwyneth Paltrow can help women "regulate their periods" and "correct their hormonal imbalances" by selling them rocks to stuff in their vaginas. You just have to believe that between patriarchy-induced body shame and patriarchy-driven medical neglect, there's an army of desperate women out there who will buy those rocks and risk their lives by sticking them inside their bodies:

https://web.archive.org/web/20181225035739/https://www.vogue.com/article/goop-jade-yoni-egg-lawsuit-gwyneth-paltrow-vaginal-pelvic-floor-health

AI is even worse than vagina-rocks, of course. When the bubble bursts, when the seven AI companies that make up 35% of the S&P 500 tank, when a third of the US stock market is vaporized overnight, our governments will reflexively turn to austerity, the go-to response to every financial crisis. Austerity is fascism's best recruiting tool:

https://pluralistic.net/2026/04/12/always-great/#our-nhs

When the AI bubble bursts, the defective chatbots that replaced skilled workers will disappear with it, leaving us scrambling to get that work done after the workers who understood it have retrained, retired, or exited the workforce. AI is the asbestos we're shoveling into the walls of our civilization and our descendants will be digging it out for generations:

https://pluralistic.net/2026/04/08/process-knowledge-vs-bosses/#wash-dishes-cut-wood

Long after the AI bubble bursts, we'll be dealing with its catastrophic carbon emissions. The Second Law of Thermodynamics isn't up for debate. Once we sink enough therms into the sea, we are losing the ice-caps.

AI is an ordinary technology, but the AI bubble is extraordinary: extraordinarily toxic and extraordinarily dangerous. The source of that danger is financiers, and they are motivated by a mix of solipsism and a belief in other people's solipsism. For them, the most exciting investment hypothesis is that "hell is other people":

https://locusmag.com/feature/commentary-cory-doctorow-hell-is-other-people/

(Image: Cryteria, CC BY 3.0, modified)


Hey look at this (permalink)



A shelf of leatherbound history books with a gilt-stamped series title, 'The World's Famous Events.'

Object permanence (permalink)

#25yrsago Stolen, infected computer transmits its location by virus spamming owner's address book https://slashdot.org/story/01/07/25/1510213/tracking-a-thief-via-the-sircam-virusa

#15yrsago Çurface: an industrial surface made from compressed coffee and melted coffee cup https://memex.craphound.com/2011/07/25/curface-an-industrial-surface-made-from-compressed-coffee-and-melted-coffee-cups/

#15yrsago Samsung Galaxy Tab 10.1: Android iPad-killer is a poorly thought-through disappointment https://www.theguardian.com/technology/2011/jul/25/why-samsung-galaxy-tab-is-meh

#15yrsago Strange tunnels of Austro-Germany https://web.archive.org/web/20120621155245/https://www.spiegel.de/international/zeitgeist/hideouts-or-sacred-spaces-experts-baffled-by-mysterious-underground-chambers-a-775348.html

#15yrsago BitCoin alternative: distributed, but not decentralized cash https://www.links.org/files/distributed-currency.pdf

#10yrsago Bruce Schneier on the coming IoT security dumpster-fire https://web.archive.org/web/20160725221959/https://motherboard.vice.com/read/the-internet-of-things-will-cause-the-first-ever-large-scale-internet-disaster

#10yrsago Our public health data is being ingested into Silicon Valley’s gaping, proprietary maw https://web.archive.org/web/20170917070322/http://www.nature.com/news/stop-the-privatization-of-health-data-1.20268

#5yrsago Amusement parks, crowd control and load-balancing https://pluralistic.net/2021/07/25/now-youve-got-two-problems-part-iii/


Upcoming appearances (permalink)

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A screenshot of me at my desk, doing a livecast.

Recent appearances (permalink)



A grid of my books with Will Stahle covers..

Latest books (permalink)



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Upcoming books (permalink)

  • "The Post-American Internet," a geopolitical sequel of sorts to Enshittification, Farrar, Straus and Giroux, 2027
  • "Unauthorized Bread": a middle-grades graphic novel adapted from my novella about refugees, toasters and DRM, FirstSecond, April 20, 2027

  • "Enshittification, Why Everything Suddenly Got Worse and What to Do About It" (the graphic novel), Firstsecond, 2027

  • "The Memex Method," Farrar, Straus, Giroux, 2027



Colophon (permalink)

Today's top sources:

Currently writing: "The Post-American Internet," a sequel to "Enshittification," about the better world the rest of us get to have now that Trump has torched America. Fourth draft completed. Submitted to editor.

  • A Little Brother short story about DIY insulin PLANNING

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