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FT crypto watch Aug 11th


Crypto kinfolk, we love you!  Thanks for joining us all thought sourcing on the ethereal Publish0x!!   It's a wonderful time to do it, let's figure it out:6a1f9b83e456ad6a9f042d904fbd4a2d6fc772da30cb69db08d15a84dde2ae5d.pngThe universe loves you for helping distributed code to be born.  But WE love you cause just the sight of y'all make those shoes look AWESOME.   Ah, that's silly, but lovely. 

Crypto on the FT:  NOT MUCH!  Yesterday's Coinbase crypto bash makes it into print, no picture, no big deal. 

The Robinhood puff piece makes print missing the new CEO's headshot, instead randoms on Wall Street picking up goodies for RH's IPO.  828d1be6c40bffd93c1da76eb43f49d21fdc4af7cf6aa3644ad95c635dc316cd.pngThat corner on Wall Street was often fun, stress walking from office to office, people would be handing out free popcorn, iced tea, snacks, stress toys, ??? BUT we stand by our lack of understanding / disgust over no mention of the pay for play gorilla in the RH room, and no mention of the memestonkers being smart, offended, and OUTTA THERE!!!!   The headline is rejiggered to blame the "young" lol and the graph redone to more clearly say it's all crypto's fault.  Robinhood's pay for flow    was over 800 million in the first half of 2021, how is that not part of the @$(&*$(*!$&!(*!!!! story

we gotta relax. Silly but lovely, no more crypto in the FT, which is silly, Silly but lovely la la la OH here's one, Jemima !  

622f6959019f3d0fd30441b1d87f525f6cba49dfa3f8b232ecbe7aa27f113523.pngDear readers we disagree with Jemima on a cellular level, but we will defend to the death her right to write lovely paeans like this to boredom, or anything but crypto. Mixing & stacking those references, schweeet.   Even on boredom we disagree tho - when in flow, there are just not enough minutes!!  But  we must be wrong & missing a trick, cuz this col is gorgeous on a tricky high wire topic. Respect.  Two thank yous, against the odds. 

But CRYPTO in the FT ? no more today. 

Non crypto crypto news: 

Bruna from Morgan Stanley UK defends the BofE, that will improve her cocktail invites. 

From Poland, Andre and Greg from AXA disagree (on a cellular level lol)  with the recent FT editorial saying fed loose money did NOT cause zombies -- It DID, and ZOMIBIES  ARE a BIG problem!!  

d26ffd7dd295ea4cdcf0402e0e4ddcd2f860254600b85cf813c3e67e81a1670b.pngTLDR, above, plus holy chit, it's scary.  Zombies are defined as earning less than their interest payments.   10% of US companies are zombies!! 

The Fed didn't MAKE zombies exactly, just covered up their death and taught them to shamble. Zombie research shows investors gain from letting zombies shuffle!! This hurts: in UK, Belgium, Spain, Greece, Portugal, and Italy, MORE THAN 40% by assets are zombies.   1395d9557a6a5cfe1dcbc39fd0d14d913db94a67eb41d99176c0df302b75164f.pngScream in terror!!   No really we should. Zombies trap resources and employees, killing startups, nuking innovation and lowering all investment.  Worst of all, they stop the creative destruction loved by Joe Schumpeter.   Joe's the  good times FUN econ giving out the Schumpeterian Cornucopia !!    New means of production should  replace outdated ones. 3afbe297f55cdabb96419f3c796b68d364ea9fef3c6797987065774ee1697ad5.pngWhen they do, capital and labor are correctly reallocated and productivity booms.   3% of EU GDP has been lost ( that's a LOT.)  Central banks chased lost demand, creating inflation and hurting supply.  They now need to quit feeding the zombies. 

The REAL story:  We love y'all Andrzej and Grzegorz!! Thought we were all alone after reading Wolf's derision of the zombie effect!!  Three thanks, plus one more for the FT printing!  

Great time to be alive when Austrian economics are back in the Overton window.  Yes PLEASE let's drag out Schumpeterian Cornucopias again & agin! 6e0b09c904fd8a101d63831639720e1824e12c76dfa5846fc13988b984586e39.pngWow THAT research was just depressing.  Joe is an Austrian economist that has not yet been rehabbed.  In fact, the media success of Keynes has  wiped Joe off the table.  Used to be a b-school parable, if you went to a Lights R Us or anything r us, you were in a wonderland of ever improving choice and quality brought to you by specialization and creative destruction.  Once loads of cornucopia memes of capitalism winning.   Amazon was the peak for a while, everything anywhere faster cheaper and better!!  Now the doom has set in, VERY sad.  All that disruption!! noooo, yer missing the POINT!!   Look even the FT now makes Schumpeterian winning a BAD thing!! a22bb2b69a6b641b6e887250ef2f6a567d9926e124222cb681ad1cb252e83f32.png#($&*#$(*& man, that twister thing is supposed to be a horn o plenty!!  SAD day. WTF???   ce301e77c9aa76064087435ad65cb18e139f6cfad6a9b5efe471c4c1c58bc8ed.pngLol that might just not be the FT's focus. RIP meme on the decline of Joe's riches.   We hardly knew ye, but we loved ya Joe!!   Maybe in a hundred years Joe will get his wings back with the other Austrian econs, we once thought THEY were forgotten.  d4d9652addcd026fa608a8e4b18b54464df0991993f808afcc92c79a08162aa5.pngSo that's all for the FT crypto today. Love, defense of crypto re Robinhood, defense & love for / of Jemima. 

Fear of zombies, love for Joseph Schumpeter.  Austrian school cornucopias RULE !!!  Bring back Joe to the Overton!!  lol3431e0963e1a304b6938751dfe5139395b51b709e858c856b724e1985ecea843.pngNothing BUT love for y'all. 

Peace, 

Love

Dave

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Dave Sawyer
Dave Sawyer

National Merit got this punk rocker to Oberlin, and Wall Street fintech gave up world tours and an NYU MBA. I am a Bitcoin true believer. Bitcoin is deeply revolutionary in a way we always prayed tech would be. Keep the baby Faith!


FT WATCH - the Financial Times on Crypto!!!
FT WATCH - the Financial Times on Crypto!!!

The WSJ turned into USA today - which leaves the FT at the top of the heap for serious financial news! Join us for a semi-serious monitoring of the FUD & hate the FT now showers on crypto. Dear readers know we love that pink newspaper but boy howdy does the FT despise crypto--- it's funny. The old guard always fights the new guard. The FT does it eruditely, with misleading comments, fun graphs, and outright lies (usually) attributed to crypto's greatest enemies!

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