The origin of modern banking can be found in the early days of the gold trade. In the Middle Ages, goldsmiths accepted deposits of gold in return for paper notes, which could be exchanged for the deposits at a later date. Because these paper notes were more convenient for commercial use than physical metal, they…
I have to say as revolutions go, this one is hilarious. Game Stop opened this morning above $330 per share, a sentence I never thought in a million years I’d ever write. This open nearly ensures that all the attempts yesterday to push the price back down to bail out the hedge funds desperately short…
Whoever controls the narrative controls the world. That’s all you’re seeing in efforts to manage information via censorship, algorithm changes, “fact” checking, Russian propaganda panic, etc. Humans are story-driven animals, so if you control the stories you control the humans. ❖ Lessons from this whole Wall Street/Reddit ordeal: The stock market is a scam. There…
The GameStop saga has been celebrated as the little guy’s victory against Wall Street elite – but in reality, those behind it are gamblers just like Elon Musk or Nancy Pelosi, contributing to volatility that will lead to disaster. How does one spot a market mania? Joe Biden’s Treasury Secretary Janet Yellen spent almost two…
The big worry among the bitcoin perma-bears is the threat of government ‘making it illegal.’ The latest bogeyman on this front is none other than U.S. Treasury Secretary Steve Mnuchin. Rumors float that he’s considering outlawing ‘self-custody wallets,’ in effect confiscating the private keys of everyone’s cryptos. In a Twitter-thread, the chief executive [of Coinbase…
These 12 people get rich while doing the most harm. It’s tough to even explain to people how much the wealth of the richest Americans has increased while everyone else has suffered during this pandemic. The human brain can’t process the numbers. It’s like trying to explain the entire plot of “Twin Peaks” to a…
