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: A Balkan black box
SNEAK PEEK — What’s going on in Serbia and the Republica Srprska? Dear subscribers, Dario here. It turns out that admitting my deficiencies is a superpower. Because, this week, it has allowed me to dive into the mysteriously parallel events in Serb-speaking land: the Serbian protests and the arrest warrant for the President of […]
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 […]
In the Blind Spot: Europe’s rearmament that isn’t
SNEAK PEEK — Why Europe should be pursuing a different type of rearmament. Dear subscribers: Dario here. I have to be upfront about my deficiencies. With things moving so quickly, it’s hard to keep up and analyse the goings-on. I’ve never felt more stupid than in the first three months of 2025. But that […]
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: Watch out, Morocco
SNEAK PEEK — Why Trump may secretly love what he openly pretends to hate about Zelensky. — How the firewall that protects American citizens can only be upheld by dismantling America’s dirty tricks empire and replacing it with an open empire. — Why Morocco is more fragile than you think. Dear subscribers: Dario here. Is it just […]