(…)I believe, a permanent civilizational shift. It is perhaps the most important thing that’s happened in my lifetime, a consequence of the internet that’s maybe even more important than the internet. Permanently divorcing physical location from economic opportunity gives us a real shot at radically expanding the number of good jobs in the world while also dramatically improving quality of life for millions, or billions, of people. We may, at long last, shatter the geographic lottery, opening up opportunity to countless people who weren’t lucky enough to be born in the right place. And people are leaping at the opportunities this shift is already creating, moving both homes and jobs at furious rates. It will take years to understand where this leads, but I am extremely optimistic.
Will Hoenig on Twitter: “I don’t think leaders here have wrapped their heads around the impact of Delta in the US. This is a new era: A) A bad phase of the pandemic for unvaccinated adults and B) The beginning of the endemic reality for vaccinated people. Policy responses require a new paradigm. 1/n” / Twitter
— Read on twitter.com/WilliamBHoenig/status/1416430672948903937
This episode is good. Alex goes further into his thinking on covid. He has been right all along and it took a year and then New York Times pointed it out too. We have some of the same blindspots that he highlights in Norway as well. When he talks about externalities we should listen.
If you are interested in crypto this one is fantastic. NLW breaks down Paul Tudor Jones’s paper The Great Monetary Inflation(link to PDF) which starts as follows:
The depth and magnitude of the economic drop-off took modern monetary theory—or the direct monetization of massive fiscal spending—from the theoretical to practice without any debate. It has happened globally with such speed that even a market veteran like myself was left speechless. Just since February, a global total of$3.9 trillion (6.6% of global GDP) has been magically created through quantitative easing. We are witnessing the Great Monetary Inflation (GMI)—an unprecedented expansion of every form of money, unlike anything the developed world has ever seen.
The podcast covers:
– The context and previous attitudes towards bitcoin of both authors of the letter – The “Great Monetary Inflation” thesis driving a focus on stores of value – How money supply growth compared to real economic output growth hasn’t been this out of sync since inflationary periods in the 1970s and 1980s – The “Inflation Race” – a list of 8 potential inflation hedges – The four categories by which a store of value can be judged: purchasing power, trustworthiness, liquidity, portability – A ranked look at bitcoin, gold, fiat, and financial assets in the context of those four categories.
All-In – Wuhan lab leak theory, India’s “traceability” law, Coinbase’s fact check, Big Tech’s Hollywood takeover
This week’s All-In is interesting when they talk about Coinbase going the media house route. I’m planning on writing a collection piece on this later. The other intriguing aspect was the discussion around the value of content. Does a user care that Hollywood made $100 million when you can get great content for free on TicTok, YouTube et al.?
Breakdown – Cathie Wood on Where Bitcoin Fits in a World With Deflation Rather than Inflation
There is another episode of the Breakdown that was interesting. It’s an interview with Cathie Wood and y’all know I find her fascinating. She sees things differently and puts her money where her mouth is.
Modern Finance – Brave, The Privacy and Crypto-Friendly Browser with Brendan Eich
Conversations with Tyler – David Deutsch on Multiple Worlds and Our Place in Them