tl;dr Pemdas by Arthur Hayes
The article discusses the price of Bitcoin and argues that it has hit its bottom. The author explains that the fall in Bitcoin's price was caused by leverage, and that with short-term US Treasury yields rising from 0% in Q3 2021 to 5% currently, everyone has suffered as a result. The author goes on to discuss the bankruptcy order of operations for centralized lending firms, Bitcoin mining operations, and ordinary speculators, and argues that they have no more Bitcoin left to sell. The au...
tl;dr Pemdas by Arthur Hayes
The article discusses the price of Bitcoin and argues that it has hit its bottom. The author explains that the fall in Bitcoin's price was caused by leverage, and that with short-term US Treasury yields rising from 0% in Q3 2021 to 5% currently, everyone has suffered as a result. The author goes on to discuss the bankruptcy order of operations for centralized lending firms, Bitcoin mining operations, and ordinary speculators, and argues that they have no more Bitcoin left to sell. The au...
tl;dr Oil, Gold, and LCLo(SP)R by Zoltan Pozsar
The article argues that fears of a repeat of the 2019 repo blowup are misplaced. The author states that the fundamental difference between the 2018-2019 Quantitative Tightening (QT) and QT today is that the first episode of QT happened while balances in the overnight repo facility were zero, meaning the US financial system didn't have any excess reserves. The author goes on to argue that today, demand for repo funding is weak, there are over $2 trillion in balances in the overnight repo ...
tl;dr Oil, Gold, and LCLo(SP)R by Zoltan Pozsar
The article argues that fears of a repeat of the 2019 repo blowup are misplaced. The author states that the fundamental difference between the 2018-2019 Quantitative Tightening (QT) and QT today is that the first episode of QT happened while balances in the overnight repo facility were zero, meaning the US financial system didn't have any excess reserves. The author goes on to argue that today, demand for repo funding is weak, there are over $2 trillion in balances in the overnight repo ...
tl;dr on India's CBDC Concept Note
Disclaimer: I would have loved to write a detailed post on this, but AI did a lot better job in summarizing the note. Presented as is, with some minor edits. The Reserve Bank of India (RBI) has released a concept note on central bank digital currencies (CBDCs), outlining its approach to the development and implementation of a digital rupee. The concept note explains that the issuance of a CBDC, referred to as the e₹, will provide an additional option to the currently available forms of money ...
tl;dr on India's CBDC Concept Note
Disclaimer: I would have loved to write a detailed post on this, but AI did a lot better job in summarizing the note. Presented as is, with some minor edits. The Reserve Bank of India (RBI) has released a concept note on central bank digital currencies (CBDCs), outlining its approach to the development and implementation of a digital rupee. The concept note explains that the issuance of a CBDC, referred to as the e₹, will provide an additional option to the currently available forms of money ...
