Allan Sloan writes his final column for The Washington Post after 30 years.
It’s also the time of year that you see lots of journalists leaving their jobs and moving on to something new. This year, that includes me. This is my final regular Washington Post column. The Post has run my more-or-less weekly columns for about 30 years, the last seven of which — since I retired from Fortune — I’ve been a Post contractor. My current contract expires at year-end.
Let’s start with Sam Bankman-Fried and cryptocurrency, which I called craptocurrency in a recent column.I use that term because cryptocurrency is a bunch of crap. And it’s not a currency, which by definition is something that you can use to buy goods or services, and something that you get when you sell goods and services.Bankman-Fried’s FTX have learned the hard way that you can lose your shirt overnight with crypto, which is a speculative bet rather than a regulated currency like the U.S.
I’m a recovering English major who’s learned about business on the job and never studied finance. Possibly because I lack academic training, I try to see — and explain to you — how the financial world actually works, as opposed to the way financial theory says the financial world should work. That’s why it took me about 12 seconds to see that cryptocurrency is a crapshoot, not a currency.
I get a kick out of imagining that one of these days, Musk will buy the company that owns the Truth Social network used by Donald Trump. That way, Musk can shovel some money to Trump and perhaps lure Trump and his followers back into Twitter, either directly or indirectly. Maybe that would help shore up Twitter’s finances, such as they are.
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