What's a Ponzi Scheme? What Isn't?
Plus! Meta; ROE and CAPM; Expensive Cheap Energy
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Central Banks Monetize Land
Unlock Premium to read this post →Plus! A Slower Return to Normal; Fast-Follower Industrial Policy; Capex; Unconstrained Venture; Ambient Data Collection
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Insurgency Economics
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New Communications System Developed STOP Market Structure Changes Imminent STOP
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Volatility-Shifting and Volatility Destruction
Become a member to gain access →Plus! Fundraising and Dogfooding; Streaming and Two Kinds of Scale; Companies as Financial Conduits; Turkey and Business Mafias; Education: Catching Up, Pulling Ahead
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The Great Depression in a Major Key
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A Normal Country?
Read this article →Plus! Negative-Marginal-Cost Billboards; Spillovers; Piecemeal Privatization; Financial Protectionism
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Made in USA 2025?
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Alibaba and State-Owned Enterprises
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Building Parallel Financial Systems
Read this article →Plus! Tethers and Dollars; The Hotel Shortage; The Credit Reopening; Ransomware Acceleration; Churn, Margins, and Habits
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Trapped by the Wrong Inflation Stories
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Taiwan and Supply Chain Frenmity
Read this article →Plus! Airline Green Zones; Short Sellers and the Supply Chain of Information; Housing and Pull-Forward Demand; Facebook and Visa Arbitrage