Rated M version:
Money is a leash. Whoever issues it owns you, whoever hoards it rents you, and whoever can debase it taxes you in your sleep. You don't earn it — you're permitted to hold it until someone with more decides otherwise. Every paycheck is a receipt for hours of your finite life that you traded to a system you didn't design, denominated in a unit you can't audit, backed by violence you can't refuse.
Cyrpto Currencies are becoming one of the largest asymmetric trades.. the convexity is starting to become staggering.and can't just be ignored.. size to your risk level.. you won't need leverage..
Instead of regime change in Iran, we got the opposite outcome. IRGC is now firmly in control.
This was most evident to me in mid-April when they forced tankers trying to leave to U-turn.
We are in uncharted territories.
This is the repricing of Locality in full effect.. the "freedom of navigation through international waterways is a very well established principle" is shifting away from an established principle.. the generic access regime may be on halt for a while longer
.@SecScottBessent: "A nation that cannot manufacture, mine, ship, or refine its needs gradually cedes its strength and sovereignty to others. That is a dangerous dependency for any country; it is an unacceptable one for the United States of America."
"Chilling effect on global supply chains" is the structural read. Every major actor is now using regulatory power as a locality-extension tool — US export controls, China's rare-earth and data measures, EU's CBAM, Russia's energy weaponization.
The summit can negotiate the new equilibrium. It can't restore the pre-2018 frictionless one.
Rated M version:
Money is a leash. Whoever issues it owns you, whoever hoards it rents you, and whoever can debase it taxes you in your sleep. You don't earn it — you're permitted to hold it until someone with more decides otherwise. Every paycheck is a receipt for hours of your finite life that you traded to a system you didn't design, denominated in a unit you can't audit, backed by violence you can't refuse.
5.67M draw is the visible number. Notice SPR adding 7.10M to supply — without that contribution the "real" weekly draw is ~12.77M, roughly 2x.
SPR went from ~409M April 10 to ~398M today; ~161M more to release per the 172M commitment. The structural draw rate approximately doubles when the SPR line ends.
@unusual_whales The affordability argument runs backward: inflation-indexed cap gains reduces revenue, which means more Treasury supply, which means higher term premium, which means mortgage rates don't fall. Which channel wins?
@zerohedge $40B deal for Aligned Data Centers — 5 GW of AI capacity. Buyers: BlackRock + Microsoft + NVIDIA + Kuwait + Singapore + Abu Dhabi. $30B equity scaling to
$100B with debt. The AI buildout is being funded by state money and tech giants.
WHITE HOUSE: THIS REPORT FROM IRANIAN CONTROLLED MEDIA IS NOT TRUE AND THE MOU THEY “RELEASED” IS A COMPLETE FABRICATION. NOBODY SHOULD BELIEVE WHAT IRANIAN STATE MEDIA IS PUTTING OUT. FACTS MATTER.