Once upon a time ZeroHedge was a cooky libertarian finance blog with a weird fetish for precious metals. It was my guilty pleasure which I indulged in from time to time.
I used to have a conspiracy theory about ZeroHedge’s perma-hardon for the shiny-shiny and it went something like this. One night in December 2011 Tyler Durden got blind drunk and invested all his savings in EKWAX. Tyler thought he was buying into Emanuel Kalisto’s new male waxing studio. He was certain this was going to be the Next Big Thing.
In retrospect, Tyler was onto something with the male waxing, I guess, in a way. Alas, EKWAX turned out to have nothing to do with either Kalisto or follicle removal. And thus it came to pass that poor Tyler had to try his utmost to drum up the price of gold and silver on his blog, hoping it would get just high enough for him to offload his dud fund with a 1.2% expense ratio, to free up the money for an anal bleaching venture with Johnny Depp.
Or maybe ZeroHedge’s appreciation for shiny metals was merely a factor of their permabear bias? If the stock market collapse is imminent, physical gold and silver might be the only way to save some of your wealth from the forthcoming? I guess we’ll never know which of these two theories is closest to the truth. There are good people on both sides.
But that was then, and those were altogether gentler times. For a few years now – at least two, but probably more like four – it appears ZeroHedge has been taken over by nutcases. Their permabear outlook has morphed from stock-market-is-overpriced-and-is-about-to-blow to stock-market-is-rigged-by-The-Man-and-they’re-about-to-blow-it-on-purpose-in-order-to-defraud-you.
I wouldn’t call this difference subtle. Also, they have branched out into politics. The sort of politics where people endorse and develop conspiracy theories and speak in strange code calling a former US president Grey Wizard and shit like that.
It’s scary. Because: now I can’t tell whether the nutcases have indeed come and taken over, or if the place had always been run by nut jobs, conspiracy theorists and neo-nazis and I just hadn’t noticed. I don’t know which is worse.