Where finance and media intersect with reality.
Its opaque past, its contested present, and its high-stakes role in Argentina’s future. Welcome to the story of the Exchange Stabilization Fund.
Who cares about stablecoin holding limits when you’ve got access to official liquidity support and exemptions?
Plus, the Fed’s Stephen Miran on the impact of stablecoins on loanable funds and the ECB’s main markets man on why non-remuneration is a regulatory ‘original sin’.
Subscriber note: Reminder that we are now also operating on Substack. The details of the new plans are here. If you’re anything like me, you’re
Record volumes of crude are now at sea, all searching for a home. The question isn’t just who will buy those sums — but at what price. China, for now, is backing away.
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