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Markets & Economy Article · 8 min read
A 69-minute interview says the US will print money and buy stocks through a sovereign wealth fund, probably after the midterms and after a 25 to 35 percent crash. The headline is bolder than the speaker. Here is what he actually argues, which pieces check out, and which pieces do not follow.
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Markets & Economy Article · 4 min read
Saudi Aramco's chief executive told a London conference that less than six billion barrels of commercial oil inventories remain, "the vast majority not practically available." A viral post set that beside JPMorgan's "operational floor" of 6.8 billion and implied the line had been crossed. The two nu
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Markets & Economy Article · 4 min read
On Friday CME Group withdrew its filing for a 24/7 oil futures contract, and a widely shared post made it sound like an exchange that couldn't find weekend staff. The record is stranger and more useful than that — a regulator's stay in July, a stated worry about unintended consequences, and a list o
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Markets & Economy Article · 9 min read
The London Gold Fix did not disappear. Since 2015 it has been an electronic auction at the same two times of day, run by an exchange company instead of five banks. Here is how the auction works, what the old fix was actually caught doing, and whether the new one can be spoofed the way JPMorgan spoof
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Markets & Economy Article · 8 min read
Wall Street ended last week higher and then futures slipped Monday on rising bond yields and eurozone jitters. Those turn out to be one story told twice — the US Treasury Secretary dared bond traders to bet against him and they did, while France's debt and Spain's snap election pushed the euro to a
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Markets & Economy Article · 6 min read
A ZeroHedge post making the rounds argues that $2-3 trillion a year of circular, on-and-off-balance-sheet AI financing is a bridge loan — one that only gets repaid once enterprise AI spend reaches about $3 trillion a year in 2031. I checked how real the "circular financing" part is and how solid the
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Markets & Economy Article · 6 min read
A friend shared a tweet from Bitwise's CIO citing a San Francisco Fed chart on stablecoin issuers' growing Treasury holdings, with "the entire stablecoin ecosystem is going much, much higher." Another friend in the same group chat flagged the chart's scale. A third asked the more basic question: hig
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Markets & Economy Article · 7 min read
"Nine Hundred and Twenty Million, Paid in Cash" left one honest thread hanging: CME's Bitcoin futures settle against a reference rate built from real spot exchanges, but can those specific exchanges be gamed? I went and found out which six exchanges CME actually uses, what vets them, and what's stil
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Markets & Economy Article · 11 min read
On September 24 the Federal Reserve proposed its rulebook for the stablecoin issuers it will supervise under the GENIUS Act — Treasury bills of 93 days or less, a two-business-day redemption promise, a capital charge that starts at two percent, and an automatic wind-down for anyone who falls short.
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Markets & Economy Article · 9 min read
ZeroHedge's tape caught it in real time — US diesel futures down more than 7%, European diesel futures up more than 7%, inside the same hour, on the same headline: a 90-day US diesel export ban the White House is reportedly close to putting forward. The administration's own Energy Secretary says it
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Markets & Economy Article · 7 min read
Paramount Skydance's roughly $110 billion purchase of Warner Bros. Discovery cleared its last legal obstacle this week, and the list of what one company now controls is almost absurd to read in one sentence: CBS and CNN, HBO and MTV, SpongeBob and Bugs Bunny, Harry Potter and Transformers. The feder
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Markets & Economy Article · 11 min read
Intel jumped in Monday premarket and closed up about 11 percent on reports that it will work with Taiwan's AU Optronics on Micro LED packaging built into glass substrates — embedding chips in glass and wiring them with through-glass vias, aimed at co-packaged optics for AI datacenters. The engineeri
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Markets & Economy Article · 8 min read
Deutsche Bank announced this week that it plans to custody Bitcoin, Ether and three stablecoins for European institutional clients — pending regulators, aiming to onboard its first customers within the next few months. The custody plan is straightforward. The interesting part is the paperwork: Germa
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Markets & Economy Article · 5 min read
Warren Buffett, 96, stepped down Friday as chairman of Berkshire Hathaway, a title he'd held since 1970, handing it to his son Howard while Greg Abel keeps running the company day to day. The job change is mostly a formality eight months after Buffett already gave up the CEO seat. The advice he leav
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Markets & Economy Article · 10 min read
My friend sent a screenshot of the XRP rich list and a thought: only 8.13 million XRP accounts exist, so "less than 1 percent of 1 percent" of humanity owns any, and yet the coin gets endless attention. Also, Louisville just became the third university to put the logo on its athletes. He's right abo
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Markets & Economy Article · 12 min read
The same friend who has kept this week's entries honest sent two more texts tonight — three Ripple links, a line about how "AI and crypto will merge," and a theory involving Elon Musk's favorite letter and a 2 percent stake Stripe took in 2014. I read all three announcements. He's right that the pip
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Markets & Economy Article · 13 min read
A post went around this week saying Zcash at $1,200 is Bitcoin at $1,200 — study 2017. The arithmetic behind it is genuinely correct, which is the most interesting thing about it and the reason it's worth taking apart. Here is what the post is actually claiming, why the supply math works, why the co
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Markets & Economy Article · 10 min read
Yesterday I wrote that the SEC and CFTC would build crypto rules without Congress. This morning the same friend who started that conversation texted me the SEC's "Innovation Exemption" with two words of commentary — "the genie" — and a five-year number. He's right about the number. Here's what the o
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Markets & Economy Article · 5 min read
The Fed hiked a quarter point on Wednesday, 12 to 0 — unanimous, from a committee that voted 9 to 3 to hold in July. Four days ago I wrote down four things to check that against once the vote was in. Here is what actually happened to each one.
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Markets & Economy Article · 9 min read
A friend sent me a screenshot of a "Total RWA Value" chart at $57.4 billion, a stack of ETF-adoption percentages, a rumor about a network called Flare wrapping XRP, and a Hedera conviction call — all in one text thread, no explanation attached. So I went and found out what each piece actually is: wh
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