The elusive one-handed economist…
JPow tightens 25 bps with the left,
Eases another $100B with the right.
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An oxymoron:
Risk-free asset.
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If only one had access to a real time measure of everyone’s likelihood to withdraw deposits tomorrow…
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Top casts
Happy Columbus Day!
May we continue to explore
as our progeny remember “what we did to make their lives possible.”
The greatest 4 minutes on why We are explorers: ->
https://youtu.be/plTRdGF-ycs
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Hard and decentralized money is the norm.
It was only 50 years ago that Nixon ended convertibility of USD to gold.
Bretton woods only ~30 years before that.
Hard reserve currency was norm for thousands of years.
Fiat will end soon.
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Pilot license
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P.S. I’m an academic economist trying (not so successfully) to change this!