Mark Spitznagel’s dire prediction of an 80% market crash isn’t outlandish — it’s overdue. But let’s not pretend this is some rare revelation. What Spitznagel calls a “black swan,” the rest of us recognize as the logical outcome of a financial system on life support, propped up by synthetic liquidity and decades of central planning disguised as free markets.
Yes — he’s partially right. We’re in a euphoric phase. There’s an artificial high still pumping through the veins of the S&P 500, inflated not by innovation or real output, but by monetary steroids dispensed by the Federal Reserve since 2008. The free market died in the last financial crisis. Everything since has been coordinated financial theater.
But where Spitznagel falls short — or chooses not to go — is calling out why this crash is inevitable and who will ensure you carry the burden when it hits.
