🚨This is why Asian markets are crashing. South Korea's KOSPI crashed more than 8% and triggered a circuit breaker that halted trading for 20 minutes. Japan's Nikkei fell more than 4% and Taiwan's TAIEX fell 3.41%. Here is what is hitting them all at the same time: 1. Fears of a memory chip oversupply. A column in Maeil Business Newspaper, a leading South Korean financial daily, warns the memory boom could end as early as 2029 as new capacity comes online. Memory is in short supply right now, so prices and profits are very high. When supply catches up, prices fall and so do the profits. The column says Korea has only 2 to 3 years to build new industries before the cycle could reverse. 2. Elon Musk added to the fear. He wrote: "China will be making a LOT of RAM in 2028." That is earlier than the 2029 date in the column, so the oversupply could start sooner than expected. China's CXMT plans to go from 350,000 wafers a month at the end of 2026 to 500,000 by the end of 2028. Morgan Stanley also estimates China will make up 30% of new global DRAM capacity by 2028. 3. US inflation came in hotter. September CPI rose to 3.7%, above the 3.6% expected. That pushed up the odds of a Fed rate hike, and markets reacted negatively. US chip stocks fell for a sixth straight day last night, erasing about $1.6 trillion in value. The same selloff is now following through in Asia. 4. War is keeping oil near $95. The US is considering using the "Mother of All Bombs" against Iran if President Trump orders new strikes.

Power selects for a specific personality type, and it is not yours. F.A. Hayek spelled this out in 1944. In a centrally planned system, the people who rise are not the most competent or the most honest. They are the most willing to exercise force against strangers, the most comfortable with contradiction, and the most skilled at coalition-building through favors rather than merit. Government filters for the bad ones from the start. The mechanism is straightforward. Political power means controlling resources you did not earn. Capturing that control requires outcompeting rivals who have no ethical constraints. A principled candidate refuses to promise contradictory things to different voter blocs. An unprincipled one does it without blinking. The unprincipled one wins. Repeat this selection pressure across hundreds of electoral cycles and you get the U.S. Congress in 2026: a body where the average member has held office for over a decade, raised millions from interested parties, and delivered almost nothing measurable to the people who voted for them. Bureaucracy compounds the problem. Once entrenched, state agencies attract people who want authority without accountability. You cannot fire most of them. The FDA, the TSA, the Federal Reserve all function this way, staffed by individuals whose career advancement depends on expanding the agency's reach, never on serving you efficiently.

🚨🇺🇸 JUST IN: SEC Chair Paul Atkins says the SEC will move forward with crypto regulations — with or without the CLARITY Act. 👀 Crypto regulation is coming either way.