How capitalism actually works — explained plainly. No ideology. No cheerleading. No moralizing.
Private equity's growing share of nursing homes, hospital systems, physician practices, and single-family rentals is the most consequential structural change i…
Tether and USDC together hold over $200 billion in claimed reserves. The 2023 USDC depeg episode, the 2022 Terra-Luna collapse, and the ongoing FTX-aftermath e…
Silicon Valley Bank's March 2023 failure was the second-largest US bank failure in history. Signature Bank and First Republic followed. The common pattern — de…
Argentina's Javier Milei dollarized the economy in 2024 by abolishing the central bank's policy independence in effect if not in form. Andrew Bailey's Bank of …
Hyman Minsky's 'stability breeds instability' insight haunts the post-2022 macro debate. Larry Summers's early 2021 warning that fiscal stimulus would produce …
Valery Giscard d'Estaing called the dollar's reserve-currency status an 'exorbitant privilege' in 1965. Barry Eichengreen's book of the same name traces what t…
The Federal Reserve has a dual mandate by statute — price stability and maximum employment. The ECB has a single primary objective: price stability. Mark Blyth…
Headline CPI fell from 9.1% in June 2022 to 2.4% by late 2024 without the recession most macro models predicted. Jerome Powell's victory lap deserves qualifica…
Currency manipulation is when a country's central bank intervenes in FX markets to keep its currency artificially weak, boosting exports at trading partners' e…
Financialization is the process by which financial markets and motives become structurally dominant in the broader economy. Greta Krippner's work documents how…
Capital generates returns, returns generate more capital, and compounding does the rest. Thomas Piketty's r > g formula captures why, absent redistribution, we…