This wasn’t a bolt from the blue. The SNB flagged stablecoin risks in its July 2026 financial stability report, which pointed to two main dangers. The first was disintermediation, the fancy word for money bypassing banks. The second was run risk, meaning a stablecoin backed by inadequate reserves could face a wave of redemptions it can’t meet. Tschudin’s central concern is something economists call monetary policy transmission. When a central bank changes its policy rate, it counts on that move rippling outward. Commercial banks adjust what they charge for loans and pay on deposits, and eventually households and businesses feel the change. That chain runs through what’s known as the two-tier financial system. The central bank sits at the top and deals with commercial banks. Those banks, in turn, deal with everyone else. Tschudin argued that stablecoins operate outside this structure. If deposits drift away from commercial banks and into stablecoins, the argument goes, the pipes the SNB uses to steer borrowing costs could get leakier. The endgame, in Tschudin’s framing, is that the SNB’s influence over borrowing costs could be undermined. She didn’t dismiss the technology outright, though. Tschudin acknowledged that stablecoins can modernize payments, including by offering lower costs for international transfers.

"New Canadian" culture

I'll admit it, I'm turning into a Sydney Sweeney fan. I think she might be my favorite female entrepreneur. The Kardashians figured out how to captivate and monetize a massive female audience, but dudes never really cared. Even marrying Kanye, having kids, divorcing, and institutionalizing him wasnt enough to make most dudes even care about the family. Sweeney has actually figured out how to monetize attention from both women and men, and across completely different audiences. Anything she does goes viral across the multiverse. Ugly chicks who hate her. Hot chicks who like her. Gamblers. Online memetic warriors. Female-curves enjooyers. Moviegoers. Fashion people. Culture-war people. They're all paying attention for completely different reasons, and it's impressive to pull off. Dudes actually care enough to follow what she's doing, while women are paying attention too, whether they like her, hate her, or are just interested in whatever she's doing next. She has turned attention from completely different corners of culture into one spotlight. Whoever hires her for their next commercial better have deep pockets. She's crushing it, and I'm a big fan of that.

What is the likelihood that all the AI fear porn, is the first stage of a planned Internet shutdown?

How these Big Tech AI people are going after politicians who are old as dust, scaring them into believing Terminators are right around the corner, all to push regulations that effectively give them a monopoly, is actually kinda genius.

Someone sent money to my substack. I guess I'm officially a professional writer now.