Money0x

have positions in assets covered.

[Money0x @Money0x_com]

@nic_carter Obviated by ChatGPT Work.

[Omid Malekan @malekanoms]

The good folks at the Bank Policy Institute and The Clearing House—fresh off their battle against stablecoin yield—have a new paper out explaining why they oppose progress and how the economy exists to serve banks, not the other way around.

I'm only kidding (sort of). What they actually put out is a 50 page response to the Fed's proposed rules around the so-called "skinny master accounts" that would give non-banks like FinTechs and stablecoin issuers access to certain Fed-run payment systems for the first time.

Needless to say, they are not fans!

By way of background, most other central banks give access to non-banks and have been doing so for years. FinTech integration is a key part of the success of Pix in Brazil and UPI in India. Restricting access to the bank monopoly is one reason why payments in America suck.

The BPI/TCH arguments against this sort of account (and for making it very limited if introduced) all rest around safety and soundness. The way they tell it, fractional-reserve banking is a bastion of economic stability. It's those pesky FinTechs and stablecoin issuers that are dangerous. Also, banks never faciliate any kind of illicit activity.

Think I'm kidding? Here are some quotes on the consequences of giving FinTechs and stablecoin issuers equal access:

..it would allow uninsured institutions subject to less rigorous supervision and regulation to access directly the payments system, which could undermine the integrity of the payments system and pose risks to financial stability.

...the shift would enable these more lightly regulated institutions to attract additional customers, thereby increasing the number of consumers exposed to the risks inherent to maintaining accounts at such institutions. These risks include the heightened potential for runs arising from uninsured deposit taking and other deposit-like activities, such as stablecoin issuance..

...the shift could have significant spillover effects on the broader economy. For example, if the proposed approach contributes to increased stablecoin issuance and adoption, stablecoins could displace deposits at IDIs.

..the shift could also increase illicit finance risk as less regulated (or unregulated) institutions.

The disingenuous nature of these arguments is almost impressive. Narrow banks like FinTechs and stablecoin issuers don't have deposit insurance because they don't need to, they literally have the money.

Banks don't. That's why they need deposit insurance.

It's also why they blow up periodically and have needed trillions in taxpayer funded bailouts in my lifetime alone. We are only 3 years removed from a GSIB collapsing, for gods sake.

Banks are also the primary conduits of trillions of dollars in illicit funds annually. Not a year goes by without a billion-dollar fine for AML violations.

But they still want exclusive access to public government infrastructure, because they care about us! (but not enough to pay any interest on our bank accounts, even though the Fed pays them 3.6% for doing nothing).

I fully support the new limited master account regime because it's good for progress, good for consumers and businesses, and will lead to a better and safer financial system.

[Gunther Eagleman™ @GuntherEagleman]

President Trump is not going to harm gay people, bring back slavery, or strip women of all of their rights.

He's not a Muslim.

[Paul Grewal @iampaulgrewal]

The SEC deleted a full year of Gary Gensler's communications at the peak of his campaign against crypto.

The FDIC tried to secretly cut off an entire lawful industry from the banking system and buried the evidence.

The US government doesn't get to operate like this. Unless the American people allow them to.

So @Coinbase sued, won, and exposed the details, resulting in one of the largest FOIA awards in each agency's history. More details below.

[Molly Abraham @mollyisonchain]

Two landmark wins for @coinbase, and for every American who values government accountability.

These settlements are testaments to what our industry had to endure for years - an uphill battle for fair treatment from regulators.

[TFTC @TFTC21]

Coinbase settled its FOIA lawsuit against the SEC. The SEC will pay $150,000 and overhaul its record-retention policies.

The SEC's own inspector general found that close to a year of former Chair Gary Gensler's text messages were wiped after the agency reset his phone before making a backup.

The destroyed window covered the FTX collapse and the agency's peak enforcement campaign against crypto exchanges. 38% of the recovered texts touched agency business.

The irony is hard to miss. Under Gensler, the SEC levied more than $1 billion in fines on financial firms for losing employee messages.

[Clandestine @WarClandestine]

Now that election fraud is in the spotlight, this video is arguably the most concrete evidence that the Dems use illegals to cheat.

Flashback to 11/04/2016: Then President Obama openly encouraged illegals to vote in the 2016 election, and assured them that ICE and Federal law enforcement will NOT seek them out or deport them if they vote.

Just four days before the 2016 election, Obama told illegals to vote, and that he would not arrest them for it. Plain as day.

This is exactly why we need US MIL/ICE at polling stations in deep blue counties, because we need the illegals to be afraid to vote. We need the exact opposite of what Obama did in 2016. We need the illegals to know that if they try to cheat in our elections, they will be arrested.

Whenever someone on the Left says the Dems don’t cheat in elections, or that illegals don’t vote, show them this video. Obama openly told the illegals they were safe to vote.

TREASON!

[Konstantin Kisin @KonstantinKisin]

This is because the anti-capitalist left is not actually against people being crazy rich. They're against certain types of people being crazy rich.

Artists and athletes make sense to them because they've played music and sports and because their success can be explained by "luck" and "talent". Messi's wealth is not offensive to them because they understand Messi is much better at football than they are.

But when it comes to business, the anti-capitalist leftist has no framework for understanding why Jeff Bezos might be super rich since 99% of them have never ever created a product, business or service that was of value to other people. They've never taken entrepreneurial risk. They've never employed people and felt the burden of responsibility that comes with that. They've never pick up a business and given it a play in the way they've picked up a ball or a guitar.

They *literally* don't understand wealth creation. They think there is a fixed amount of money and the only thing a business does is split it unfairly.

It's why they rage at Elon and other successful business leaders. Because they genuinely don't understand why they're wealthy.

Also, and this is just as important, athletes and artists are disproportionately young, attractive, "diverse", left wing etc. Business leaders are "evil" middle aged white men whose success offends the average anti-capitalist leftist because they don't understand a) what it is they do and b) that Elon Musk has the same talent advantage on them as Messi does, it's just harder to measure.

[nic carter @nic_carter]

My jaw dropped reading this

Who is most opposed to self driving cars?

Ambulance chasing lawyers who sue over car accidents

They are explicitly on the side of preventable death.

[Paul Graham @paulg]

A Brown professor gave his students a take-home midterm exam. After suspecting many cheated using AI, he made the final in-person. The orange dots are the midterm scores and the gray dots are the final scores. Looks like all but 3 cheated on the midterm.

[Elon Musk @elonmusk]

Good explanation of why some people find “wealth” inexplicable

[ockhams-scheermes @ockhams]

@KonstantinKisin You can make them understand it:-)

[Alan Wolan @AlanWolan]

Sowell explains:

“Why the difference behind the fierce cries of outrage at pay differentials in business, and the passing over in silence of far greater pay differentials in sports and entertainment?

One possible explanation is that business owners and managers have roles in which they can be replaced by political decision-makers, who in turn can impose the kinds of policies preferred by those who imagine that their own superior wisdom or virtue entitles them to dictate to others.

But professional athletes and entertainers have roles that obviously cannot be taken over by politicians or bureaucrats. So there would be no point in trying to discredit highly paid people in sports or entertainment, or to arouse public outrage against them.”

Thomas Sowell
“Discrimination and Disparities.” 2018

[Geiger Capital @Geiger_Capital]

Ages of Founding Fathers in 1776:

James Monroe, 18
Aaron Burr, 20
John Marshall, 20
Alexander Hamilton, 21
James Madison, 25
John Jay, 30
Thomas Jefferson, 33
Thomas Paine, 39
John Adams, 40
George Washington, 44

This nation was built by brilliant young men.

[Peter St Onge, Ph.D. @profstonge]

Taxes should be for things so existentially important it's worth robbing your own people at gunpoint.

So maybe 1% of what's spent today.

[Sassafrass84 @Sassafrass_84]

This is why women live longer. 🤣🤣🤣

[Marc Andreessen 🇺🇸 @pmarca]

God bless America.

[Marc Andreessen 🇺🇸 @pmarca]

What is going on.

[Eric Daugherty @EricLDaugh]

🚨 JUST IN: Gov. Ron DeSantis confirmed that after he finalizes the new budget, the red state of Florida will have SLASHED SPENDING for 4 YEARS STRAIGHT…

…Florida will have a budget less than HALF the size of New York, despite being similar in population

…and the state rainy day fund WILL BE 100% FULL and more than 3X THE SIZE from 7 years ago

FLORIDA CRUSHES IT AGAIN! 🇺🇸 ☀️

All with NO INCOME TAX and impending slashing of property taxes. Imagine that.

[EM Burlingame - 蒲 奕 言 @EMBurlingame]

Little wisdom from an elder and former 7th SFG(A) CDR, over on another channel.