Devin Baker

Indeed, persistence often requires that one change one's mind. That's where good judgement comes in. The persistent are quite rational. They focus on expected value. It's this, not recklessness, that lets them work on things that are unlikely to succeed.

Global Liquidity takes an international perspective, considering liquidity created by multiple monetary authorities, including central banks outside the US like China's PBoC. It also accounts for private sector credit provision through various channels, such as banks, repo markets, and shadow banks. Importantly, it embraces the concept of the... See more

Who is this for? What do they believe, what do they wish for and treasure? Ignore the others.

What you find here is that at a high level, highly resistant assets are by definition likely to share attributes of being decentralized, scarce, and timeless. This is the radical way we must imagine portfolio theory. We must live our lives within institutions for the most part (60%), but we also need to live our private lives away from such... See more

On January 1st, the US debt ceiling will be reinstated (based on the amount of debt outstanding on that date). Until legislation is passed to raise or suspend the debt ceiling (yet again), the US Treasury will have to tap cash on hand in the TGA to finance its spending obligations.

Resilience means not having one's morale destroyed by setbacks. Setbacks are inevitable once problems reach a certain size, so if you can't bounce back from them, you can only do good work on a small scale. But resilience is not the same as obstinacy. Resilience means setbacks can't change your morale, not that they can't change your mind.

If you’ve been paying attention to us or are active in the Ethereum ecosystem you probably know Interface . It’s a social trading product based on a feed of onchain activity (with a for you and following feed like twitter). They’ve been building for years and have had a good group of core users, but they’ve hit an inflection point and have been... See more

The Treasury has two choices on how it pays the government’s bills. They can either issue debt (dollar liquidity negative) or spend money from its checking account at the Fed (dollar liquidity positive). Because the aggregate amount of debt cannot rise until the US Congress increases the debt ceiling, the Treasury can only spend funds from its... See more

When hope is gone, you must live with trust instead. And to live with trust in the good is to recognize that the small (but good) things around you matter: tending to a symbolic flame, honoring a funeral ritual when it slows you down, or helping someone with no ability to repay you.

A good world is brought into being by small acts of courage and... See more