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Digital Central Banks

Digital Central Banks

Because bureaucratic governments handle these things so well. Initiative, savvy, luck, circumstance, and convolution have taken over currencies – or at least digital creations purported to be currencies (but in reality don’t, and never will, quite fit the bill)....
Understanding Risk

Understanding Risk

Risk is the permanent loss of capital. It is not volatility, nor is it uncertainty. It is the realization of a loss. Therefore, risk ishard to understand because it is only clear with hindsight that a loss has occurred.Understanding how risk works can avoid this...
Inflation, Profits, and Bitcoin

Inflation, Profits, and Bitcoin

“I believe that the present, accurately seized, foretells the future.” V.S. Naipaul There is a lot of uncertainty today in the markets, but there has always been uncertainty in the markets. We have never had certainty regarding the economy or the future. The most...
Market Flash 04/19/2021

Market Flash 04/19/2021

Coinbase, Bitcoin, Ethereum, and Dogecoin Everything you don’t understand about money combined with everything you don’tunderstand about computers. Bitcoin and other digital currencies are going mainstream, and along with that, increasedvolatility. Last...
Liquidity and the Pandemic

Liquidity and the Pandemic

Abundant Cash Is Not Cash Available Abundantly The pandemic, Fed interest rate policy and bond purchases, restrictive bankingregulations, and banks’ swelling cash balances will have a lingering impact on liquidityand produce some mind-bending policies to deal with...