Macro, money, and the forces reshaping the financial system. The stories behind the headlines.
1,003 posts
The SEC submitted a crypto custody overhaul to the White House OMB on August 25, 2026. The full text isn't public, but how the agency defines 'qualified custodian' will shape the e…
Treasury Secretary Scott Bessent doubled long-dated bond buyback operations to $4B per event on Aug. 19, briefly crushing 30-year yields from near a 19-year high and sparking a 22%…
A Dallas Fed economics paper published August 25 models a $700 billion reduction in U.S. bank duration risk appetite if deposit price sensitivity rises 10 percentage points, driven…
Strategy holds 840,447 BTC at a $63.36B cost basis, but a Regime Intelligence analysis shows common shareholders sit junior to $22B in debt and preferred claims. The flywheel runs…
Treasury's Operation Economic Outcast designated nearly 60 Iran-linked targets on August 24 and formally made Iran's digital-asset sector sanctionable under EO 13902, giving OFAC a…
Ontario Premier Doug Ford threatened to cut electricity exports to the United States. The verified numbers, less than 2% of total U.S. power consumption, explain why Trump called i…
Iran-linked hackers forced a British power facility offline for four consecutive days in July 2026, marking the first known successful Iranian cyberattack on UK energy infrastructu…
Uranium futures are approaching $89/lb after five months rangebound in the mid-$80s. UBS analyst George Eadie says accelerating utility procurement is evidence the market is tighte…
Japan's day-ahead electricity price settled Monday at ¥25.18/kWh, its highest since January 2023, as Hormuz-disrupted LNG supply and an intense heatwave hit simultaneously. LNG int…
Better and Coinbase funded the first Fannie Mae-backed Bitcoin-collateralized mortgage in June 2026. The corporate treasury boom is bifurcating. Lightning Labs is racing Coinbase's…
Strive (ASST) disclosed a 1,110 BTC purchase for $81.5M in a Monday SEC filing, pushing total holdings to 21,356 BTC. The company's cash balance rose $17.1M during the same five-da…
Lawrence Lepard's arithmetic is simple and brutal: the entire stablecoin market covers roughly 3% of the Treasury's annual rollover need. Regulatory clarity is a rounding error, no…
Shenzhen court sentences Evergrande founder Hui Ka Yan to life in prison for financial fraud. The $2.35B in corporate fines is roughly 0.8% of the group's $300B+ liability stack. T…
Treasury doubled its long-end buyback cap to at least $4B per operation on Aug. 19, but the 30-year yield reclaimed most of its drop by Thursday morning. Bitcoin kept climbing anyw…
Ray Dalio publicly backed Bitcoin and gold as debasement hedges on the same week U.S. national debt crossed $40 trillion, the 30-year Treasury yield hit a 17-year high, and Bitcoin…
The penny is dead. The nickel costs 13.78 cents to produce. Congress has passed two versions of the Common Cents Act to reformulate its metal content. This is not a budget story. I…
EO 14233 directs Treasury to hold all seized Bitcoin in a permanent Strategic Bitcoin Reserve that cannot be sold. Here's exactly what the order authorizes, what it withholds, and…
Triffin diagnosed the reserve currency trap in 1960. The gold window closed in 1971 and was supposed to kill it. The trap survived in different clothes, and the 2026 attempt to res…
CFTC Chairman Michael Selig used the agency's inaugural Innovation Advisory Committee meeting to put the Senate on notice: pass the CLARITY Act or the CFTC writes the rules itself.…
Lacy Hunt, the longest-tenured deflationist on Wall Street, has abandoned his core thesis. Hoisington cut portfolio duration from roughly 21 years to under one year and now project…
The Commoner
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