ANALYSIS: A shadow dollar interest rate is being born
The question is, when will markets notice?
The coming Substack reckoning
Why seigniorage, potentially stablecoin-derived, offers the most credible path to financing neutral public-interest journalism in the algorithmic age.
The most powerful US financial tool you’ve never heard of
Its opaque past, its contested present, and its high-stakes role in Argentina’s future. Welcome to the story of the Exchange Stabilization Fund.
Prepare for the return of certainty and capital intensity
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 probably drowning in information overflow; overwhelmed by frictionless influencers vying for your attention; disoriented by the relentless pace of life; ready to throw up at the prospect of opening your […]
‘Oil on the water’ is now a key market indicator
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.
3/I Atlas: Be not afraid
The third interstellar object ever spotted by humanity, now hurtling behind our sun, has led some astronomers to speculate that we may be observing an alien probe. The body in question is known as 3/I Atlas, and what’s worrying many is the distinctly odd and unique properties it’s displaying for a comet. The biggest proponent […]
Rainbow wars and the rise of the intrapolar state
Making sense of the geopolitical map isn’t what it used to be. Not only can no one agree whether World War 3 has formally started, but the traditional colors defining friend and enemy no longer seem to apply. Instead, this war’s allegiances and interests have become multivaried and fluid. Instead of homogeneous blocks of power, […]
The positive-sum game theory in the Trumpian crypto grift
Sometimes it’s better the devil you know.
From stablecoins to ‘stabilization fund-like mechanisms’
Perhaps there’s a reason why James Bond has a license to gamble with Treasury money in Casino Royale?
Liquidity watch: $5,000 or bust
Plus, crypto as the liquidity pool of first resort