The coming dollar superstructure: Why stablecoins are America’s next great export
As we peer into a future shaped by real-time, surge-priced liquidity demands, it’s becoming increasingly plausible that stablecoins will provide the plumbing. In a world where funding needs appear not just daily but intraday, and the Fed is increasingly hesitant to overextend its balance sheet or assume timing risk, market-based mechanisms are poised to take […]
The Fed’s quiet pivot to servicing intraday liquidity — and why it matters
Quite an important tweak happened to the U.S. financial system last week that you might have missed. And we at The Blind Spot consider it our duty not just to draw attention to it but to frame it in the broader context of what’s actually going on under the hood of modern monetary plumbing. From […]
In the Blind Spot: Exorbitant privilege as a service
SNEAK PEEK — The risky attempt to transition from an era where America provided the world with liquidity for free to one where access to the dollar is a premium service. — U.S. Treasury Secretary Bessent provides some more clues about how a U.S. sovereign wealth fund might work. — Ask not what the […]
In the Blind Spot: The incoming ‘Trump Pump’
SNEAK PEEK — Still struggling to understand what the great Trumpian economic restructuring is all about? Think reverse ESG. — It’s not a tariff on money. It’s Regulation Q in reverse. — We ask what role private military contractors will play in a Ukraine peace deal Happy Saturday subscribers! We’ve spent some time this […]
It’s not ‘Military Keynesianism’, it’s ‘Military Thatcherism’
“Surplus production provokes a destructive backlash that precludes civilization for societies that do not have, or cannot build, defense capabilities. Yet, an optimal first public choice offers a resolution to the paradox of civilization along two paths. One is being twice-lucky in terms of growth and defense capabilities. The other is to create artificial defense […]
The DSR: A Bretton Woods for War?
A coalition of former NATO officials, European defense leaders, and financial elites is pushing for the creation of a Defense, Security, and Resilience (DSR) Bank. This is a proposed £100 billion military finance institution designed to underwrite Western defense spending. Styled as an IMF for war, the DSR Bank would issue AAA-rated bonds to raise […]
In the Blind Spot: A controlled demolition of U.S. stock prices
SNEAK PEEK — The Mar-a-Lago Accord as a pathway to a new global order and a renewed trust pact centered on the idea of “mutual assured narrative collapse” theory. — Why Trump’s ‘tariff talk’ seeks to emulate China’s ultimate inequality-check mechanism (aka its tendency to use regulatory threats to burst financial bubbles before they […]
In the Blind Spot: Mutual liberation syndrome
SNEAK PEEK — A renewed bid to help Ukraine get its hands on €300 billion of frozen Russian assets may embolden Zelensky to go it alone with only EU support. — When both sides think they’re saving the other. The skeleton key to understanding global markets is that nobody can agree on who is […]
In the Blind Spot: Memecoin philanthropy and the Mar-a-Lago Accord
Dear Subscribers, Izzy here. Writing from “burnout leave”. Dario is holding the fort for now, but I am acutely conscious that subscribers have only had one properly drafted newsletter from me this year. I just wanted to reassure you all that I will be back in normal operating mode the first weekend of March. Until […]
In the Blind Spot: Why the doom loop is no longer theoretical
SNEAK PEEK — The doom loop is coming for the West and coordinated financial repression will be needed to deal with it. — Why incoming Treasury Secretary Scott Bessent is eyeing the formation of a new liberal trading bloc and exotic securities to counter the worst of it. — What the TikTok and RedNote […]