Alarmist “wage-price spiral” rhetoric is a fixture of the economic news cycle in 2022. Scarcely a day goes by without someone warning that the US
Category: months best
The Sad, Sad Story Of $3 Trillion In Pandemic Savings
You’ve heard it again and again: Major developed economies, including and especially the world’s largest, can avoid recession in part because consumers built up savings
Is Decentralized Finance Imploding?
“You can’t issue unlicensed securities and use your friends as the underwriters,” I told someone who’s much smarter than me a few months back. We
Ethereum Fever Dream Crippled Our Economy. It’s Time We Wake Up
On August 11, 2021, a USA Today article featured the headline, “Millennials are quitting jobs to become crypto day traders.” The image at the top
We Built A ‘Doomsday Momentum Machine.’ Now It’s Blowing Up
During the vicious, tech-led selloff that wiped away a fleeting, post-FOMC bounce in US equities, Cathie Wood’s star-crossed flagship fund suffered its worst one-day decline
With Twitter Deal, Musk Vies For Surveillance Capitalist Crown
Surveillance capitalism operates through unprecedented asymmetries in knowledge and the power that accrues to knowledge. Surveillance capitalists know everything about us, whereas their operations are designed
Russia, The Dollar And The Real Realpolitik
Janet Yellen may force Russia and, in some cases, the country’s corporate sector, into default. Over the years, I’ve endeavored, with varying degrees of success,
Three Months In Web3: What I Learned
“There’s something apocalyptic about it,” someone told me this week. We weren’t talking about the war. Or the pandemic. Rather, we were sharing an incredulous
The Petroyuan And ApeCoin: Fables Of The Dollar Deconstruction
A few days ago, market participants were treated to a new version of an old story. “Saudi Arabia is in active talks with Beijing to
You Don’t Want A Crypto Future. You Just Think You Do
In the weeks since the West moved to seize Russia’s foreign currency reserves, (too) many market participants have exhibited an updated, more fervent version of
We Built The World Wrong
Two days after publication, Zoltan Pozsar’s latest “dispatch” was still circulating and otherwise prompting discussion in market circles. It wasn’t so much that Pozsar said
The Cost Of Procrastination: America’s Broken Economy
“Whatever availability you put down when I hired you is what I expect,” a self-important man in a denim button-up said, scolding an earnest-looking teenager
Howard Marks’s ‘Perpetual Motion Machine’ In The Pandemic Era
Back in 2017, long before I stopped reading his memos, Howard Marks delivered one of the most incisive takes ever written on the extent to
Pyramid Scheme
In the three weeks following the Thanksgiving holiday in US, investors were subjected to a rough ride. Some might call it frustrating. Others maddening. And
No, ‘Americans’ Didn’t Get $34 Trillion Richer During Pandemic
Earlier this week, one widely-followed reporter at a mainstream financial media outlet took to Twitter to trumpet the latest Fed data on US household net
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