Send us a text Bubbles don’t start with hype. They start with money that was never earned through prior production. Frank Shostak walks us through the entire chain: how warehouse receipts became fiat, how suspension of redemption became “monetary policy,” how lowering interest rates without prior savings fakes a signal that society has become more future-oriented, and how that fake signal lengthens the structure of production until the subsistence fund is eaten and the whole thing collapses u...