Emil Ardy

DAX trader. It's no better to be safe than sorry. Sometimes. No investment advice.

[Mikhail Khodorkovsky @khodorkovsky_en]

Today marks 20 years since Novaya Gazeta journalist Anna Politkovskaya was murdered in Moscow. She recognized Putin's true nature earlier than most—and the regime could never erase the truth she died to tell.

[Robin Brooks @robin_j_brooks]

A debt crisis always starts in the most vulnerable places. That's what's happening now. Look at how France's 10-year yield has decoupled above the global rise in yields this year. This is causing contagion to Italy, where yields are also rising sharply...
https://t.co/glpR3SDk82

[S Sebag Montefiore @simonmontefiore]

My five lifechanging history books in today’s @iNews

If you want a great reading list, try these:

The Jewish War — Josephus
Penguin Classics edition, translated by G. A. Williamson and revised by E. Mary Smallwood. The greatest historian and war reporter of the ancient world. Key source for Herodian dynasty - and Judean revolt in Jerusalem.

Citizens: A Chronicle of the French Revolution — Simon Schama

Schama’s masterful large narrative history of the French Revolution that made me want to be a historian.

The Storyteller of Jerusalem: The Life and Times of Wasif Jawhariyyeh, 1904–1948 — Wasif Jawhariyyeh
Edited by Issam Nassar, translated by Nada Elzeer.
The essential work to understand the Holy Land under Ottomans & Brits - and the Nakba. A key source for my Jerusalem and The Cauldron

Russia in the Age of Catherine the Great — Isabel de Madariaga
Originally published in 1981; she inspired my first book and taught me how to write history.

The Book of Contemplation: Islam and the Crusades — Usama ibn Munqidh
Translated by Paul M. Cobb; a medieval Muslim eyewitness perspective on the Crusades that shows how complex they were - like the Middle East in our times, source for my Jerusalem, inspiration for my new one The Cauldron.

[Emil Ardy @digg4pip]

Finanțarea statului prin emisiune monetară https://t.co/CxkZ37LsVs via @Contributors

[Emil Ardy @digg4pip]

'Lawdy, Lawdy, He's Great' https://t.co/nzQNC5hcOu

[Anne Applebaum @anneapplebaum]

Your regular reminder: If the Russians stop fighting, the war ends. If the Ukrainians stop fighting, their land will be occupied, their leaders will be killed, their history and language will be erased, their children will be kidnapped to serve Russia.

[Roman Sheremeta 🇺🇸🇺🇦 @rshereme]

The Most Moving Tribute to Love and Courage.

Joey “Exile” gave one of the most truthful, powerful, touching, raw, and authentic tributes to his beloved wife, Eva, who was killed by russians in a triple-tap attack while she was saving lives.

Listen to this. And share it with your friends.

The world needs to see the bravery and the pain of the people defending Ukraine.

People need to understand what these medics and defenders sacrifice for all of us.

This is love.
This is courage.
This is a deep commitment to others.

This is why we stand with Ukraine.

Source: DW Phillips

[Contributors @Contributors_ro]

Cum (nu) controlăm serviciile? #DosarulPahonțu și controlul democratic asupra structurilor militarizate https://t.co/sN14eG6urh via @Contributors

[Emil Ardy @digg4pip]

How Sorana Cirstea’s retirement announcement led to her best year ever https://t.co/SOOKMQLKEP

[European Aquatics @EuroAquatics]

David Popovici lowers his own Championship Record in the Men's 100m Free semis 🔥🇷🇴

#EuropeanAquatics #Swimming #Paris2026

[AC Milan @acmilan]

La Storia del Milan è in lacrime per la scomparsa di Franco Baresi. Il suo esempio e la sua profondità saranno, per sempre come la sua maglia numero 6, parte integrante e fondamentale del DNA e del cammino di tutto il Club. Le condoglianze che AC Milan porge alla famiglia tutta di Franco Baresi sono le stesse che ogni tifoso rossonero fa a sé stesso in un'ora così dura.

The entire history of AC Milan is in tears following the passing of Franco Baresi. His example and integrity will be forever etched into the Club's DNA, just as his iconic number 6 shirt is. The condolences AC Milan extends to Franco Baresi's family at such a difficult time are shared by every Rossonero, who feels this loss as their own.

[Pablo Molinari @PabloMolinari]

A mis nietos les voy a contar que Messi era tan bueno que mucha gente creía que todo estaba arreglado para que ganara.

[The Players’ Tribune @PlayersTribune]

“I wrote this because I can’t speak about it.

I wrote this because I want you to know that I will make sure that you live on.”

@RBLeipzig and @equipenatciv winger Yan Diomande on the life of his sister, Roxane. https://t.co/6wQmpdWTSi

[Ioan T. Morar @itmorar]

Un articol de acum 20 de ani, care e foarte valabil, în principiu, și astăzi
https://t.co/T3fRI4XM9W

[Adelin Petrișor @Ade_linPetrisor]

La modul simplist, putem spune că, după Revoluție, am avut un președinte roșu, unul poet, altul jucător și un președinte călător. Se pare că sunt șanse mari să avem și unul combinator. Țară veselă, n-avem cum să ne plictisim.

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Citadel Securities just put institutional weight behind what the AI bulls won't say out loud.

In a new macro note titled "Tokenomics," Citadel makes the argument plainly: even the most powerful technology on earth still has to pass through the boring discipline of cost curves, capacity limits, and marginal returns.

The evidence is piling up:
– Amazon removed its token usage leaderboard
– Microsoft cancelled Claude Code subscriptions
– Multiple companies reporting unexpectedly massive token bills

Their conclusion is the part that matters.

Adoption is no longer about what AI can do in principle. It's becoming about the price and scarcity of the inputs needed to run it at scale. Compute. Power. Cooling. Memory bandwidth. Inference budgets. All real, all binding constraints.

And here's the kicker from the chart.

The Silicon Data LLM Token Expenditure Index, a benchmark for how much the market is actually spending on AI tokens, has started rolling over. Citadel reads it as a shift toward cheaper models. Companies substituting away from expensive frontier AI toward "good enough" alternatives.

That's economics 101 doing what it always does. When the price of something rises, people use less of it, or find a cheaper version.

Citadel sees a bifurcation forming. Frontier AI concentrated among a few firms with the balance sheets to absorb the cost. Everyone else quietly downgrading to simpler, cheaper models.

This is the part of every technology revolution the early narrative ignores.

The technology being real was never the question.

The question was always whether the economics could carry the valuations.

When one of the most sophisticated trading firms on earth starts writing about AI in the language of cost curves and rationing instead of limitless demand, the conversation has quietly changed.

The hype was about what AI could do.

The reckoning is about what it costs.

[Nick Lloyd @Civil_War_Spain]

Barcelona, 1860 with its sea walls still intact and Montjuïc denuded of trees, its castle stark and threatening. By Welsh photographer Charles Clifford, one of the first to work in Spain.

[Simon Kuestenmacher @simongerman600]

Mexico City and New York share roughly the same population but have a look at their footprint.

[Daniel Baeza @dbaeza13]

El Repo es el alma del sistema financiero

Un mega 🧵sobre la operativa de repos que incluye:
1. Qué es/cómo operan repos?
2. Tipos de Repo
3. Segmentos repos (tripartito, GCF, bilateral)
4. Tasa SOFR
5. Tipos Garantías en repos
6. Deudores/inversores mercado repo USA

[Sid Lowe @sidlowe]

An amazing piece of work, this
Keep it with you all day everyday until July 19.
World Cup 2026: guide to all 1,248 players | World Cup 2026 | The Guardian https://t.co/ehpriKkm2p