No, being the dominant reserve currency doesn’t come with the unique ability to run a trade deficit. It does create network effects, but those are not fully - or even meaningfully - captured by U.S. interests. Dollar dominance is not the big deal we think it is

For all those saying the banking system is just a giant ponzi, ponder this quote from Byrne Hobart of The Diff. Think long and hard about where we’d be as a society without credit creation through fractional reserve, despite its challenges

If nothing else, this current banking crisis is a great opportunity to learn about FDIC-insured bank accounts vs. money market funds (which are held in brokerage accounts insured by SIPC, not FDIC). Now is the perfect time to review your accounts to understand how you are positioned

Homemade sourdough focaccia #foodstr #focacciaboutit

I really don’t understand the “bring your whole self to work” fad in corporate America. How about I just bring my work self to work? That’s what they’re paying me for, right?

Best advice my mom ever gave me: “Always assume people are doing the best they can with the information they have.” Worst advice my mom ever gave me: “People will continue to use Blackberries, not this silly new iPhone.”

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Whenever I see someone playing Wordle on the subway and they make a dumb guess, I experience a burst of schadenfraude