They (nation states) are a new cohort. Every cohort has to go through the adoption cycle. At the beginning of the cycle snake oil salesmen show up because that is when customers are most vulnerable. They haven’t learned yet to separate noise from signal. This is natural and I would argue good. It gives the converts from the last cycle more time to make up for past mistakes. There will always be smart money, the trick is to become smart money as soon as possible.