Paul Krugman, a sagacious observer, came out against Elon Musk's "juggernaut". He has arguments.
"The immense human Ponzi scheme that is Elon Musk will eventually collapse. But traditional Ponzi schemes only exploit investors who choose to participate. This time much of the money propping up Musk’s scam will come from ordinary Americans who have in effect been forced to buy in. Approximately 52% of mutual fund assets are now invested in index or index-based funds, and over 50% of American households are invested in mutual funds. Thanks to the collusion between Musk and Wall Street, enabled by the perception that the Trump administration has Musk’s back, many if not most of these small investors will be dragged, willy-nilly, into fueling the Musk juggernaut."
BTW, Juggernaut is the rendering in English of Jagannath, a deity in the Hindu tradition. The first European description of this festival is found in a thirteenth-century account by the Franciscan friar Odoric of Pordenone, who describes Hindus offering themselves in a religious sacrifice, jumping under the wheels of these huge chariots, and being crushed to death. Pic: A Jaganath cart in the Ulsoor temple complex in Bangalore, India, around 1870.
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