Charles Hugh Smith's Substack

Charles Hugh Smith's Substack

Three Choices, None Good

The moral rot of unlimited debt looks "free" but it's unaffordable in the end.

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Charles Hugh Smith
Jul 09, 2025
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We like to think we're special and this moment in history is special, but alas, we're still running Wetware 1.0 which was coded between 300,000 and 60,000 years ago, when the last "out of Africa" migration finally got traction. Since then, the code has been tweaked a bit here and there (adults can now digest dairy products, etc.), but we're running the …

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