macrotourist

[Luke Gromen @LukeGromen]

18 years after socialist bailouts for TBTF banks, the political bill for those bailouts continues to grow.

Hard to make the case “the bailouts saved the system” and “socialism never works” without revealing some uncomfortable political truths about western social democracies.

[Jesse Livermore @Jesse_Livermore]

Vance has power over Trump that no one else has. And it's a potential reason why, if Vance wants it, he might still get Trump's 2028 endorsement over Rubio, even though Trump likes Rubio more.

Here's the reason: Legal consensus seems to be that the current SCOTUS would reject an interpretation of the constitution that allowed for a president to pardon himself. If that's true, then the only way Trump will be able to avoid spending the rest of his life fighting off the legal consequences of his current corruption spree will be to resign in Nov/Dec 2028 if the GOP loses and have Vance pardon him. But Vance is not going to be willing to do that, take that reputational hit for the rest of his career, if Trump burns the bridge and endorses someone else.

[Arpit Gupta @arpitrage]

A history of AI firms:

• Demis Hassabis convinces Peter Thiel to invest in DeepMind by talking chess
• Thiel shows the company to Elon Musk, who shows their AI solving Pong to Larry Page on a private jet
• Larry Page buys DeepMind; Hassabis takes them over Zuck's higher bid (and despite Elon's last minute effort) because Zuck was equally excited about 3D printing as AI at dinner
• Larry Page and Elon Musk fight over AGI; Page calls Musk a "speciesist" for favoring humans > machines
• Sam Altman convinces Elon to start a new AI firm to get back at Google; they have dinner with top people at Google and recruit Ilya Sutskever; Dario Amodei joins later
• Musk gives Altman an ultimatum: I take full control or you lose my funding
• Reid Hoffman (introduced to AI by Thiel; served as backstop for DeepMind seeking governance guarantees) convinces Satya to backstop OpenAI
• OpenAI goes its own way, Dario leaves over safety concerns, and Elon starts over with xAI/Grok

[🏴‍☠️ @calvinfroedge]

I present to you

"Make the 1970s Great Again" featuring "Too Late" by Carole King

Find your 1970s crisis vibe

[Grant Williams @ttmygh]

I have no idea who this guy is, but bravo @frankwrighter

This was absolutely dazzling in both content and delivery

👏👏👏

[Murray 🇺🇸 @Rothbard1776]

This is one of the most concise, eloquent and brilliant assessments of the downfall of the West that I’ve heard. Well done @frankwrighter

[Jamie Bonkiewicz @JamieBonkiewicz]

Seriously guys, whatever happened to:

• the DOGE checks
• tariff checks
• the Greenland hospital boat
• 10% APR on credit cards
• my meds being 1500% cheaper
• $2 gas
• the Epstein files
• reopening the Strait of Hormuz that was already open
• cheaper groceries
• ending wars in 24 hours
• the “privately funded” ballroom

Any updates?

[John Arnold @johnarnold]

Many countries are debating some type of gas tax holiday but supply and demand still have to cross. If the market needs demand destruction and all countries suspend their tax, it won't change the short-term price. It's just a big transfer of $ from government to the oil industry.

[Indianapolis Colts @Colts]

.@Atwice_ 🤝

[Ben Sasse @BenSasse]

People helpin’ people….

[Rod Dreher @roddreher]

Ben Sasse has the face of Christ. His bloodied visage is the result of treatment for his pancreatic cancer; the new treatment might give him a few more months. Read or listen to the interview. It's staggering, this man's hope and faith. https://t.co/1BkPqJYKPs

[George Robertson @BickerinBrattle]

This sums up the predicament for trading and PM today. The market(s) now trade as per a sentiment regime which like vol changes not discreetly but in regime jumps as a new consensus "game" is formed. Now the game is the Straits of Hormuz board and before was the AI game.

[Thomas Massie @RepThomasMassie]

If America would embrace capitalism and reject cronyism

in health care, agriculture, military contracting, insurance, media, technology, and banking,

we would experience a renaissance unprecedented in human history.

[Louis-Vincent Gave @gave_vincent]

The financial architecture of the post WW2 world rested on three assumptions:

- US is a benevolent hegemon with an embedded interest in maintaining global trading order
- US controls the world’s sea lanes
- US treasuries could always be transformed into commodities at a moment’s notice

These assumptions are melting away faster than morals at a bachelor party.

So how do we now position portfolios?

I wrote the following last weekend and a number of clients asked me to unlock it, so here is the paper

https://t.co/PpxYN0UswZ

[Charles McGarraugh @CMcgarraugh]

Arguably the most important chart of all, if you want to understand the future of the asset management industry

This chart suggests that there will be a growing structural bid for hard assets and anti-correlated liquid strategies in a global “reach for diversification”

[Jeff Dean @JeffDean]

Agreed. Mass surveillance violates the Fourth Amendment and has a chilling effect on freedom of expression. Surveillance systems are prone to misuse for political or discriminatory purposes.

[Thomas Massie @RepThomasMassie]

They’ve deployed the ultimate weapon of mass distraction, but the Epstein files aren’t going away… even for aliens.

[Whitney Webb @_whitneywebb]

Read my book for free (but you can always buy it if you want): https://t.co/89igMTf1ux

Also, hi, it's nice to be back :)

[Dan Carlin @dccommonsense]

I'm going to say it again: all of this Epstein stuff should be done in front of the TV cameras under oath in public. Allowing this to be secret is going to be what saves all
the guilty people.
Secrecy in this case isn't designed to help anyone but the compromised.