Incredible. One of the most crucial links in the supply chain, has been for years, built on the premise that some workers would provide labor for free. bloomberg.com/news/articles/
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Joe Weisenthal
@TheStalwart
Co-host of the Odd Lots podcast.
Joe Weisenthal’s posts
THREAD EXPLAINING NEGATIVE OIL:
Oil costs $ to store. Due to the economic collapse, oil isn't being used much. So all the storage facilities are filled up. So nobody who can store it will buy it from you. If you want to get rid of oil, you have to pay someone.
That's the thread
Bitcoin down 10%. Can't say I'm surprised tbh. I warned it was a bubble back in 2012.
If Biden wins the nomination, a lot of Wall Streeters who said that Sanders winning would force them into reluctantly supporting Trump, will have to come up with a different reason for voting Trump.
Wow, check out the timing of the text that California sent out to the public, and then the moment that electricity consumption in the state started to roll over.
bloomberg.com/news/articles/
Just re-reading 's comments on Don Lemon's show from the week I was on vacation again, and I'm struck by how much better her framing is than the vast majority of people who are paid to opine about inflation professionally.
Instagram is putting a context warning label on memes that connect inflation to corporate greed (HT: )
This bot is GRINDING
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Crypto bot borrows $200 million in a flash loan to secure just $3 of profit theblock.co/post/234595/cr
Men will literally buy Bitcoin at $60,000 rather than buying a Treasury bond that gives them a guaranteed 2.48% cash payment every single year for the next 30 years.
It’s interesting that in less than a year, Biden has withdrawn forces from Afghanistan and passed a substantial infrastructure bill. Two Trump priorities that never got done during his administration.
Still a lot of ambiguity, but if Sanders wins New Hampshire, I think that will give the bounce and momentum he needs to win Iowa.
There are a lot of crypto influencers who have a suspicious amount of fiat available to them in order to buy every dip.
All the cool people of NYC are playing chess late at night in bars now. Wild times
To what degree did crypto contribute to elevated inflation, by juicing buying power of token holders, contributing to semiconductor tightness, pulling in labor from elsewhere, all the while contributing nothing productive for the supply side?
You're telling me a sovereign government attempted to chart a new course for the domestic economy, and then faced an immediate backlash from the IMF, White House, central bank, and big finance, and then a month later a Goldman and Stanford alum was put in charge?
Not going to lie. As someone who’s been hodling British pounds since 1209, I’m starting to feel like a complete moron now.
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The Bank of England governor says that cryptocurrency investors should be prepared to lose all their money 
A professor who is considered to be the foremost expert on money laundering -- he literally wrote the textbook on it -- has been charged with money laundering and faces 20 years in prison
The US has one of the best recoveries in the world. Inflation is now lower than g7 peers. The hot labor market has put a real dent in inequality. And Biden had a historically great midterm.
And yet for two years, pundits have been totally consumed by alleged policy mistakes.
Serious question. Do the people who think the virus is some media driven panic designed to tank Trump’s presidency by manufacturing a recession think that the complete lockdowns in places like China and Italy are also in on the same conspiracy to doom Trump?
Has any other piece of legislation done what it set out to do, so decisively and so quickly?
1997: World's best human chess player gets destroyed by computer.
2017: World's best chess computer gets destroyed by Artificial Intelligence program that had only learned about chess a few hours earlier.
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Top chess engine gets stomped by one made by the Deepmind team buff.ly/2Afy85W
Portnoy is pulling letters out of a Scrabble bag to decide which stock to buy next.
Unironically, the fact that Satoshi had such good opsec from the very beginning and still hasn’t been doxxed is one of the most incredible aspects of Bitcoin’s immaculate conception.
I want to meet the people who are 100% WFH, who aren't satisfied with their daily commute
The dollar has lost 50% of its purchasing power in the last 30 years.
For comparison, Bitcoin has lost 50% of its purchasing power in just the last 3 months.
Absolutely staggering. The world just had its worst week ever for covid infections bloomberg.com/news/articles/
Honestly it doesn't look *that* wedged in there. I mean, just get a tugboat on the back end to pull in one direction and a tugboat on the front to pull the opposite.
IDK, I'm sure the experts are working on it, but that's just me and how I'd do it
Inflation was 0% in July and we added 500,000 jobs in the month, and there are people who are insisting we call it a recession.
People accuse me of being a fiat shill. Well, I've decided to put my money where my mouth is. In 2021, I'm electing to take my entire salary in USD.
A dimension to this story that we can’t forget.
Many of the leading folks in the industry that now wants Powell to step up and protect them spent the last 5 years telling lies and breeding cynicism about the Fed as pretext to sell cryptocurrencies to retail bagholders.
BRICS *drags cigarette* now that’s a term I haven’t heard in awhile.
The cost of living is up over 8% in the last year, but that's only if you're using dollars.
For those using and saving in Bitcoin, inflation is closer to 33% over that timeframe.
Mainstream Democrats who say they want an alternative to Biden. Tbh I don’t really get it. The man has a long career of steamrolling opponents and passing substantive legislation. What else are people looking for in a candidate?
Inflation has cooled for 10 straight months, even as the unemployment rate has steadily improved. Maybe putting millions of people out of work isn't a necessary pre-condition for stabilizing prices.
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Breaking News: U.S. consumer prices rose 4.9% in the year through April, a 10th straight month of declines in inflation.
nyti.ms/3HXO11N
Kind of nuts seeing how well the AI does at producing code. Big societal question now is, how do we increase the number of students with liberal arts degrees in order to prepare for the jobs of tomorrow?
OMG. Someone on Reddit says their local grocery store may be offering illegal onion futures reddit.com/r/legaladviceo
Politicians who say they would run the government like a business should be all for this
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For every $1 the federal government spends auditing the top 0.1% of earners, it makes back $6. nber.org/papers/w31376
Tfw you don't offer trading in Dogelon Mars
*COINBASE FALLS NEARLY 12% AFTER THIRD-QUARTER EARNINGS MISS
The CEO of Coinbase responded to a fake JK Rowling tweet and encouraged it to buy shitcoins
Damn, Trudeau gets it.
*'WE TOOK ON DEBT SO CANADIANS WOULDN'T HAVE TO': TRUDEAU
Georgia Senator Loeffler sold shares of an online travel company just before Trump's European travel ban announcement.
What's more, she had just purchased those shares 4 days earlier
This 45% decline for Facebook is really astonishing. That's a lot of wealth that people probably thought was highly safe just vanished. bloomberg.com/news/articles/
It’s funny. Tech people and gold people love to talk about how the government manipulates CPI data, and that some private company with modern techniques could do a better job characterizing the real numbers.
And then a company does it and says inflation is just over 2%
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Replying to
This is the kind of break-the-glass thinking we need to address the scale of the crisis. Hats off to for thinking huge in terms of getting money into people's hands, and not listening to the "but how will we pay for it crowd. Let's #MTFC already.
Horrific economic toll. 3.2 million initial weekly jobless claims in one week. Previous crises and recessions are barely a blip on this chart.
You people mocked tweet threads, and now this is what you get instead. Hope you're happy.
Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability, while countries closer to the center, like Japan, the US, and Canada are known for their high inflation and weak currencies.
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The world's wealthiest family is getting $4 million richer every hour
bloomberg.com/features/riche
You, an idiot: Let's get back to work even if it means millions of deaths
You, a separate idiot: I can't believe you're prioritizing the economy when lives are on the line
Me, a normal person: Let's mail everyone a check for a few months and not force such a horrible choice?
Replying to
So do you acknowledge, therefore, that inflation was 0% since 1986
The real lesson of Bluesky is that people are going to it, and even though it's ostensibly "federated" and "decentralized" nobody cares. People will just use the corporate instance of it.
Mastadon's mistake was thinking anyone actually cared about the "pick your server" part.
WHOA. The FDIC accidentally posted an un-redacted document showing that the big VC firm Sequoia had $1 billion on deposit at SVB when it collapsed bloomberg.com/news/articles/
Here's something I didn't realize.
The Pfizer vaccine program was the only major vaccine effort that wasn't part of the White House's Operation WARP speed. bloomberg.com/news/articles/
Taliban sticking with Twitter for now
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Twitter has two important advantages over other social media platforms.
The first privilege is the freedom of speech. The second privilege is the public nature & credibility of Twitter. Twitter doesn't have an intolerant policy like Meta. Other platforms cannot replace it.
Graduate of École Polytechnique who blows up your derivatives trading desk
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Everyone on Twitter's like "Good riddance, what an awful decade... also this decade, sold my first startup, got married, three of my portfolio companies had exits, had twins, ran marathons on three continents"
I don't think it's crazy to suggest that the media's focus on the negative aspects of this economy might be playing some role here.
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Six in 10 regard unemployment as a very or somewhat serious national problem.
Unemployment is very close to a half-century low
today.yougov.com/topics/economy
Whoa... Is Chegg the first publicly-traded company to say that ChatGPT is clobbering its business?
The stock is down 37% after hours.
$CHGG
s21.q4cdn.com/596622263/file
I have no opinion on the Lab Leak theory. No "priors" to update. Nothing. But the fact that Facebook has changed its stance on discussion of Covid's origin seems like a sign that that the whole combatting misinformation industry is really broken. google.com/amp/s/www.poli
Somehow the fact that a few hedge funds were caught short $GME has morphed into “the global elite are under threat by the price of a videogame retailer stock going up” which is, frankly, a hilarious thing to think about.
Tesla Shares Soar On Expectations Tesla Shares Will Soar More Tomorrow
During my life, the term American Dream has been redefined from having a "Nice house in the suburbs and a dog and two kids" to "a longshot bid at becoming a billionaire" and I think that says a lot.
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"I believe in a progressive income tax and the rich paying more. But this is the fucking American dream she is shitting on.”
Billionaire Leon Cooperman on @ewarren
politico.com/news/2019/10/2
You knew it wasn't looking good for the Papa John's CEO when they had to tell Nazis not to eat their pizza.
Funny watching the blue checkmark gang in disblief at losing an election. Really shows how out of touch they are with 75 million of their fellow citizens. Would rather concoct conspiracy theories than get out of their bubble.
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Ken Starr:
"What happened in #Pennsylvania over these recent weeks is a constitutional travesty,"
#Election2020
In America you can become the CEO of a big company without ever having gone to college or maybe just by getting an accounting degree from
a random state school.
But if you want to be the #2, you have to have gone to an Ivy.
Goldman predicts that over 2 million people are going to file for unemployment benefits this week. You can barely see the 2008 crisis on this chart! bloomberg.com/news/articles/
The US government is offering USD staking rewards of 9.6%, which is much higher than any DeFi or CeFi rewards on USDC
It's really unbelievable how the US government just totally slammed the brakes on public investment after the Great Financial Crisis. Eye opening charts from Morgan Stanley here.
The UK election result is a stark warning to whoever the Democratic nominee is: Do not equivocate on Brexit.
I can't believe The Roaring Kitty was exposed as a... highly competent, educated finance professional, who had a keen understanding of how to analyze business fundamentals.
The CPI basket didn’t rise in July. Hence inflation was zero in the month. I’m flabbergasted that people are trying to dispute this.
52 straight days of falling gasoline prices while the economy is adding over half a million jobs doesn't seem like stagflation?
This is important:
-- A Shiba Inu puppy costs about $1500
-- $1500 invested in Dogecoin in 2014 would be worth $495,000 today
Lesson: Invest your money. Don't build connections with pets.
I feel like the slow rebranding of "crypto" to "Web 3.0" is allowing people who had been anti-crypto to capitulate in an honorable way.
Wow, this note that twitter added to Biden's tweet is pure gibberish. Imagine adding this, and thinking this is helpful to the public's understanding in any way. (HT: )
Will the SEC step in to protect Wall Street from aggressive Mom & Pop traders?
So the entire Cambridge Analytica controversy was basically fake?
We're definitely in a golden age of people getting realllly rich in a short period of time for seemingly not have done very much.
TFW the US comes out of another crisis lapping the competition
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Two graphs I bet the White House is going to be showing off together a bunch:
The U.S. has the highest post-pandemic growth among the G7, and it currently has the lowest inflation (both headline and core).
BREAKING: BOOOOOOM
IT"S ANOTHER HUGE BEAT. 253K NEW JOBS, UNEMPLOYMENT RATE FALLS TO 3.4%
Economists had predicted 185K new jobs and for the unemployment rate to rise to 3.6%.
Incredibly historic moment. The actual President of the United Stares saying the words minting the coin. Must watch.
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Replying to @TheStalwart
Here's the clip for everyone looking for a new ringtone
0:17
General vibe I’m getting is that today was the worst day in the crypto industry’s history. And that the second worst day was yesterday.