Sublime

Warburg’s point was that with too many banks, the system would suffer a lack of coordination and, in the weaker regions, a lack of capital.* But a quartet of closely knit banks could preserve the principle of collective security.

Davidson and Rees‐Mogg predict with remarkable prescience the form that the new digital monetary escape hatch will take: cryptographically secured forms of money independent of all physical restrictions that cannot be stopped or confiscated by government authorities.

With no way to cover their shorts, firms up and down Wall Street faced bankruptcy, as did the banks who had been financing their positions; Harriman had no choice but to back off the fight, so Morgan and Schiff could unwind their positions and forestall a crash.

Founder John Whelan is positioning the firm as the Moody’s Investors Service of cryptocurrencies.

One of our favorite CEF managers is Scott Page. He’s been with Eaton Vance, one of the oldest investment management firms in the US, since 1989. He has conducted the Eaton Vance Floating-Rate Income Trust (EFT, not to be confused with ETF, an exchange-traded fund) brilliantly since inception—through rising and falling rate cycles, through rising

state surveillance, social credit systems, law subservient to the state, and centrally planned economic activity—will be embedded into the future of money, diminishing the vibrancy and health of the global economy, individual liberty, and human advancement.

When people entrust money to financial institutions, they generally don’t have the expertise or time to make sure the institution is doing its job. In most cases, it is much more efficient for people to band together and pool resources to ensure that their banks and exchanges are on the straight