Agree except that calling it California Capitalism I think is inaccurate. Capitalism is actually based on free markets, we have. Nothing of the sort, not even slightly.
What you describe is a consequence of the fiat debt system, which is based on the communist tenant of central banking and money as a tool of political authority. Thats what causes this. Money is literally issued out of thin air as debt. The results are what you describe.
Well, yes. Suppose I needed to write it
California "Capitalism"
A variant of corporatism, I suppose, where the quick accumulation of large sums of money without commensurate effort leads to the problem of how to spend it effectively. Bitcoin had a similar effect as fiat, while the price was very low, and differs mainly in the fact that the effect has slowed and will eventually stop or even reverse.
The best way to spend it is to give it to a group of people to have them building something. Then it can be spent productively. But giving them too much money, at once, or giving them money for too long, creates distortions in their behavior and in the market. Giving too little means you can barely spend anything, or you need to find a gazillion groups to spend it on, which is too much work and might lead to price inflation (stimmy check effect).
Actually Marx considered Capitalism as a corruption of free markets by elites using the state to maintain higher profits.
