AI shenanigans are getting out of hand...

The Claude Fable 5 saga — released in June, pulled at the government's request days later, and now returning briefly on a metered leash — becomes the entry point into a deeper structural conflict: an inherently deflationary technology being force-fit into a financial system that requires ever-expanding moats. The register lands on a parallel between Bitcoin block production and frontier AI training, and on what it means that retirement portfolios are increasingly anchored to businesses whose product undermines the moats their valuations depend on.

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