employee

unemployed. scrolling from home

[employee @browsingatwork]

@chamath Gerstner wishes he sold when Sam chirped him

[employee @browsingatwork]

@teortaxesTex It’s such a great line

[employee @browsingatwork]

@suchenzang Hey @MelMattison1 just listened to you on @TFTC21 - What do you make of this?

[employee @browsingatwork]

@HanifBayat @globeandmail @danielfoch Interesting to think that we could have a future where inheritances are eroded and house prices remain elevated because of limited supply due to aging in place

[employee @browsingatwork]

@peruvian_bull If stablecoins have stolen the ease of use angle, compute is now chasing AI, Gen Z is in stocks and prediction markets (and sports betting), and Saylor ruining the credibility every time he speaks, what’s left? It seems like a relic of the ZIRP/Covid money supply era

[employee @browsingatwork]

Shengjing Bank going private at an 86% discount to book indicates real losses. No argument there. But it doesn't indicate forced buying. Foreigners hold about 3% of A-shares and 1.8% of the interbank bond market; whoever absorbed that bank, it was another domestic balance sheet. Even Evergrande, where foreign creditors did hold the offshore paper, they were simply zeroed and nothing propagated.

The Shengjing story fits Blyth and Lee's work on local government financing vehicles better than a hidden-losses frame: guarantees and swaps are how the state operates this thing, not a weakness being exposed. The same pattern is now visible in equities. The Rmb500bn swap facility and Rmb300bn relending line were built as crisis tools in 2024; official press now files them under normal operations. An ad hoc rescue became standing plumbing.

So the state is not being forced to hold the price. The operating system is running as designed. Solvency isn't the constraint: a $735bn current account surplus, an over $4tn net international investment position, and capital controls mean nobody outside can call the loan. The real question is how long households take 0.95% on Rmb173tn of deposits while rotating savings into money funds and gold.

[employee @browsingatwork]

@marshmarigold Only way to fix our current account deficit

[employee @browsingatwork]

@SteveSaretsky What’s going on in the Fraser Valley?

[employee @browsingatwork]

@for_yield @NickNemo17 Scary hours

[employee @browsingatwork]

@MikeFritzell Have any of the big retailers/ecommerce brands done well in SEA?

[employee @browsingatwork]

@DaveShapi I don't think anyone doubts that. Its the ROI that makes no sense. Sure, let America build out the datacentres and supply the compute for Chinese models and Nvidia's open model. Math stops mathing pretty quick

[employee @browsingatwork]

@curtis_yarvin Very girardian

[employee @browsingatwork]

@joebradford American compute with Chinese intelligence is the winning formula

[employee @browsingatwork]

@BoringBiz_ It’s hilarious that all of this capex will go to build data centres to run compute for Chinese models. Jensen really has the greatest business known to man

[employee @browsingatwork]

@GuruAnaerobic That’s because athletics isn’t a real sport

[employee @browsingatwork]

@russellwadey Why is the sovereign currency issuer description relevant here? The only economy that can and does run MMT, the USA, does because of exorbitant privilege. And their productive capacity and sinkhole stock market. The UK has none of this. Their current account is a liabilty

[employee @browsingatwork]

@JacobShap So the copper supercycle isn’t happening? Oil getting displaced by renewables faster thanks to Hormuz and now copper. I feel like this commodity supercycle might be a myth

[employee @browsingatwork]

@NatHalberstadt Shots fired at DemystifySci

[employee @browsingatwork]

@PauloMacro See Dan Rasmussen in Japan to understand her strategy