Fake Bubble - Coben Juniper

The earnings were perfect. The growth was flawless. The markets only went up.

None of it was real - and the system that built it is still running.

Fake Bubble documents the hidden architecture of the longest bull market in history: an inflation measure quietly recalibrated to understate reality by nearly two percentage points a year, for forty years. Corporate buybacks funded by cheap debt that turned balance sheets into fictions. An AI investment wave requiring returns that have never existed in the history of technology. And forecasting systems inside major companies designed not to predict the future - but to enforce a version of it.

Written during 2024-2025, before the AI correction and tech rotation confirmed its thesis, Fake Bubble follows three investigators who each find the same structure from a different angle - and never meet.

The story was always in the data. It just required someone willing to read it.