Fed
"Too Late Powell" — or Was He Right?
Trump called him "Too Late Powell." But by not cutting, he may have shielded the economy from shocks. Coming after March CPI.
Latest
#08
Macro · Jun 28, 2026 · 6 min read
Warsh Raised the Bar.
A hawkish first meeting, inflation at a three-year high, and the July prints that decide everything — along a single line of tension.
→
#07
Macro · Jun 22, 2026 · 8 min read
Powell Left. The Dots Went Up.
The June meeting wasn't about the hold. A new chair, a shorter statement, and a dot plot that quietly priced out this year's cuts.
→
#06
Commodities · Jun 21, 2026 · 9 min read
Closed, and Still Flowing
In March we argued the 1970s oil analogy was misleading. Three months on, Iran calls the Strait of Hormuz closed again — and the crude is still moving. Time for the scorecard.
→
#05
Crypto · Jun 18, 2026 · 7 min read
Circle Keeps Half. Coinbase Takes the Rest.
USDC is a $77B business. Circle only keeps the half its distributors let it. The most important number at Circle isn't circulation — it's the split.
→
#04
Smart Money · Apr 6, 2026 · 9 min read
What Is Smart Money, and Where Is It Going?
JPMorgan said institutions would dominate 2026 crypto flows. Q1 came in at one-third of the estimate.
→
#03
Energy · Mar 30, 2026 · 6 min read
AI Needs Electricity — The Answer Is Nuclear
Data centers will consume 945 TWh by 2030 — equal to Japan's entire annual electricity use.
→
#02
Commodities · Mar 23, 2026 · 6 min read
Dr. Copper — Wrong Diagnosis?
Copper as a recession indicator is broken — AI data centers, EVs and renewables all demand it at once.
→
#01
Macro · Mar 16, 2026 · 7 min read
Why the 1970s Comparison Is Misleading
Brent up 40%, Hormuz closed — but oil intensity has more than halved since 1973.
→
Coming next
Blockchain
Smart Contracts & Renewable Energy
Peer-to-peer energy trading for Europe's energy independence. Can blockchain connect producers and consumers directly?
Crypto
Bitcoin vs Gold — Asymmetry
Gold has millennia of trust; Bitcoin is a technology layer. Why are the risk/return profiles so different?
Macro & Market Essays
Don't miss the next analysis.