Sublime

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FTX had had more than ten million account holders, to whom it owed $8.7 billion. Nearly half of those losses, or $4 billion, were concentrated in these fifty accounts.

For finance to consistently grow as a proportion of GDP, either it is simply upping its take — which might be reasonable within bounds, but raises questions of adequate competition in the sector and of possible regulatory capture — or it is making more and more MBS-like time bombs. It is spinning off flows of toxic financial exposure, of whose valu

These people’s wealth is determined almost exclusively by how high they can push flows — stocks and rates of return be damned. Everybody else is left with low or negative real returns and depleted stocks of capital and wealth. This is why GDP growth can be positive, while almost everybody feels poorer. Almost everybody is poorer. Objectively so. Th

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The central relationship that money crystallizes is between lender and borrower.