Post by @henryfudgeofficial

What they do next is not a character flaw. An agent stranded below his reference point, in the domain of losses, is rationally risk-seeking. A negative-expected-value bet with a long tail becomes the correct move, because the ordinary path no longer reaches the line. So the risk rotates: property, then crypto (one in three adults, thirty per cent of the world’s fiat spot volume), then leveraged AI stocks once the crypto venue closed and the kimchi premium turned negative. The instrument changes. The behaviour does not. Then the part that should stop you. The Korean people, locked out of a world where they might live well by ordinary means, have already coined the vocabulary that points straight at the hypothesis. 벼락거지, the “lightning beggar,” made poor overnight though nothing they did changed. 영끌, “soul-scraping,” borrowing to the last of yourself to get in before the door shuts. 빚투, “debt-investing.” A society names what it lives inside. We only wrote the equations. #rentierblackhole #korea #macroeconomics #housingcrisis #economics