It’s not socialism, it’s capitalism

plus: prices, misdirects, complacency, romance and MUCH more

"There is nothing in a caterpillar that tells you it's going to be a butterfly." – R. Buckminster Fuller ||

Hello everyone, I hope you’re all doing well! I’ve had a jackhammer going under my window all morning, so today I am feeling deeply appreciative of noise-cancelling headphones.

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IN THIS NEWSLETTER:

• It’s not socialism, it’s capitalism

• The mortgage misdirect

• Global shifts: romance, European dysfunction

• Macro-Crypto bits: prices, confidence and complacency

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

It’s not socialism, it’s capitalism

US Secretary of Commerce Howard Lutnick said yesterday that the government expropriation of, sorry, I mean stake in Intel was unlikely to be an isolated violation of free market principles. Ok, he didn’t use those exact words, but he did say that stakes in defence companies would probably be next. And, of course it’s not socialism, duh. “This is capitalism!”

I’ve been flagging the trend for a while: established economic principles are being turned upside down, and the fact that this isn’t generating more market outrage shows how numb we’ve all become.

Just a handful of the reasons why this is bad: