4,072
-0.12%
4,072
-0.12%
11,461
-0.18%
11,461
-0.18%
34,430
0.1%
34,430
0.1%
1,812
-0.2%
1,812
-0.2%
17,057
0.53%
17,057
0.53%

Quote of @smdiehl
Going below zero once right taxes on its toxic environmental externalities are imposed. Worth less than zero !
Crypto's fate is sealed, it's all going to zero. The exact details of which domino falls over first and when each Ponzi becomes insolvent aren't terribly interesting, it's just messy details for the courts to figure out.

The more interesting question is why this all happened.
The Unavoidable Crash by Nouriel Roubini After years of ultraloose fiscal/monetary/credit policies & the onset of negative supply shocks stagflationary pressures are putting the squeeze on a massive mountain of debt. The mother of all economic crises looms
News from Art Basel in SoBe: the NFT bubble is as bust as the crypto shitcoin bubble. Typical NFT index is down 90% or more from ATH. Like all else in crypto land the BS of “empowering artists” was another total scam by shitcoiners whales/crooks 🤮🤑💩🎨
Miami nightclub owners mourn loss of crypto nerds after FTX collapse
The strip club E11even started accepting crypto payments. the club processed $6 million of transactions btw April & Dec 2021. In the last 3 months however the club has taken in just $10k
Quote of @jasonfurman
Wage inflation to price inflation…
The biggest news in this release is large upward revisions in wage growth for September and October and a big number for November.

This is the second time this year we've seen AHE revisions like this dashing the hopes that maybe nominal wages growth was cooling.
Quote of @elonmusk
No wonder that both Trump and now Musk tried to bully the Fed to cut rates. They are both kings of highly leveraged debt zombie enterprises and talking their own book
Reply to @vincent13031925
@vincent13031925 Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession.
I am expecting a real economic recession in 2023, be prepare for any macro storm ahead of us.
Lunatic ⁦@novogratz⁩ keep on spinning his non stop bullshit about crypto. He should rather worry that his house of cards Galaxy doesn’t go bust tomorrow in the crypto extinction bonfire
Novogratz Drops Forecast for Bitcoin to Hit $500,000 In 5 Years
This column by Max ⁦@chafkin⁩ is a must read! Crypto crooks/criminals set up shop in pseudo-regulated banana republics & are now trying to blame the SEC for the crypto meltdown! Pathetic!

FTX’s Collapse Validates Gary Gensler’s Crypto Skepticism
Quote of @TheStalwart
That is why AI will make the job of most economists - including myself - obsolete over the next few decades. Most jobs - routine, cognitive and eventually even creative - will be displaced by AI/ML/Robotics/Automation. See Chapter 8 of my book Megathreats
This AI chatbot is a shockingly competent macro pundit.

I interviewed ChatGPT about debt sustainability, and how Japan has been able to run such large deficits for years.

And while it's not too concerned, it did urge Japan to undertake structural reforms
Quote of @mikealfred
Tether will be the next shoe to drop in this circle of leveraged scams
Tether won't provide an audited balance sheet and has been lending out an increasing percentage of its purported "reserves" to risky counterparties like Celsius and affiliated entities. This story is not over yet folks.
Cash buffers running low for households/corporations that are income strapped, asset strapped & debt burdened

The deflating of the great cash cushion. Like Godot, the US recession has been long heralded but failed to materialise. It will, sooner or later
EU throws party in €387K metaverse — and hardly anyone turns up The European Commission spent €387k to hold a party in the metaverse to get young people excited about the EU. Five people attended. So much for the meta verse!
“Most” is an understatement; they are all pretty much on the way to total extinction. The bloodbath has only started

BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion
Fed officials in danger of splitting on future rate rises, warn economists .Some dovish policymakers fear monetary tightening campaign may end up going too far
Quote of @katie_martin_fx
Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam &/or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean
Quote of @ElSatanico
Such luxury/corrupt spending is standard among ALL crypto projects. 97% of 20k ICOs were a scam and/or went bust. The money raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs
Quote of @nikasgari
Such luxury/corrupt spending is standard among ALL crypto projects. 97% of 20k ICOs were a scam and/or went bust. The money raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs
“Kids leading kids”
Inside the lavish spending at FTX - featuring private planes to deliver Amazon parcels, in-house massages, DoorDash credits, million dollar properties and more @FinancialTimes story with @joshckoliver
The Unbearable Uselessness of Crypto.
“the world may have woken up to the grim reality that the crypto "industry" is nothing but a get-rich-quick lie, wrapped in hype, bobbing on an ocean of libertarian technobabble. Will anyone do something about it?”
As rightly pointed out by @PeterSchiff this is not a crypto winter as spring follows a winter; it is not a crypto ice age as warming may follow even a long ice age; this is crypto extinction as this pseudo asset class is in a meltdown, free fall and collapse
Zero is way too generous. Given toxic environmental externalities of shitcoins their value is <0 once right Pigouvian tax is imposed!

Crypto’s Final Price Could Be Zero
No sane lender would extend credit against assets lacking any underlying collateral
Quote of @smdiehl
The domino of crypto extinction ….☄️💥🔥💥☄️
Quote of @BlockFi
Another domino falls.
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.

Breaking news

Mark Cuban gave this 19-year-old founder a $400,000 "Shark Tank" deal — and asked her to meet his 2 daughters. (via @CNBCMakeIt) |  Link
Where will mortgage rates go next year? The forecasts are vast by @__gabriellacruz Link
“This week was surprising in the sense that it did seem to indicate that the economy was in a healthier position than we first anticipated,” @mdbaccardax says about the data this week. “The job numbers today certainly cement that case.” |  Link
The @CityLab holiday gift guide — for the urbanist in your life |  Link
Elizabeth Holmes appeals her criminal fraud conviction, two weeks after she was ordered to serve more than 11 years in prison for deceiving investors in her blood-testing startup Theranos |  Link
Here's where the jobs are for November 2022 — in one chart. |  Link
You can start a successful business with little to no capital, says Nakia Vestal, a human trafficking survivor. Watch the video to learn about her journey and her advice for new entrepreneurs. |  Link
U.S. stocks rebounded to close almost where they opened, after a stronger-than-expected jobs report for November raised questions over how soon the Federal Reserve could slow its aggressive interest rate hikes. Read more: |  Link
This family left the U.S. and bought an apartment in Portugal for $534,000—look inside their 400-year-old home. (via @CNBCMakeIt) |  Link
Liquidity is the name of the game in the current economic environment |  Link
From historical arguments to poems on cryptocurrency, users took to Twitter to speculated on its ability to replace everything from playwrights to college essays |  Link
Cooling inflation and Powell’s talk of moderation sent stocks soaring. But a hot jobs report means rate hikes are still in the cards, and it’s not time to celebrate yet. |  Link
"This is about the outrageous behavior of an individual," Sen. Pat Toomey says on the FTX fallout. |  Link
Whether it’s flaming eggplant or liquid nitrogen gelato, 21st-century NYC diners are getting wowed by old-school tableside carts |  Link
Russian tourists are once again traveling in large numbers to Thailand and using credit cards issued outside of Russia |  Link
Layoffs hit white-collar workers, hinting at a ‘Patagonia vest recession’ |  Link
CFTC Chair calls for authority to prevent the next FTX by @Jenniferisms and @DsHollers Link
A crypto party in India is showing signs of trouble amid a wider market meltdown. Lax regulations heighten the risks, experts say. |  Link
Your boss denied your promotion request. Here's a CEO's simple advice for what to do next. (via @CNBCMakeIt) |  Link
Larry Summers says the Fed will need to raise rates more than expected, and warns the economy could slide suddenly like an "avalanche" |  Link
A Beverly Hills cop was California’s highest-paid municipal worker last year, earning $716,000 |  Link
The U.S. added a more-than-expected 263,000 jobs in November despite announcements of thousands of job cuts by technology companies, including Twitter, Amazon and Meta. Read more |  Link
“Oil is pinched in that sort of demand-supply equation right now,” @mdbaccardax says. More: |  Link
Companies that thrived during a period of rising prices may find it harder to boost prices and protect margins as inflations continues to slow. That could mean trouble. |  Link
4 of the top 10 best college towns in the U.S. are in Florida—see where else made the list (via @CNBCMakeIt) |  Link
Here's how a 26-year-old brings in up to $19K a month throwing parties: (via @CNBCMakeIt) |  Link
Tax "refunds may be smaller in 2023," warns the IRS. Here's why. |  Link
News shared on social media and by word-of-mouth moved faster than China’s censors, but the government is quickly making sure it keeps the upper hand |  Link
Home builders and suppliers have been hammered by rising mortgage rates. But there’s long-term value in the stocks, and interest rates won’t stay up forever. |  Link
McDonald's is taking a giant leap into the future with this new restaurant concept |  Link
Am I diversified? Jim Cramer makes the call |  Link
Winners of the second annual Earthshot Prize will each receive $1.2 million to help address environmental — and human — woes |  Link
LedgerX, one of the few solvent pieces of Sam Bankman-Fried’s crumbled FTX empire, is up for sale |  Link
Parents of successful kids don't worry about screen time, one expert says — they teach these 3 skills instead. (via @CNBCMakeIt) |  Link
Donald Trump “explicitly sanctioned tax fraud” by executives at two of the Trump Organization’s business units, a New York prosecutor told the jury in the companies’ criminal tax fraud trial |  Link
Cramer's lightning round: Let Extreme Networks cool off a little before buying |  Link
If you're taking part in the annual Medicare open enrollment period, here's how you can avoid being scammed. |  Link
Jim Cramer gives his take on Sunrun |  Link
Jim Cramer says he expects many more layoffs coming |  Link
WATCH: Drugmaker Pfizer is investing more than $2.5 billion in Europe, gearing up to launch new products it hopes can replace lost revenue as patents expire and vaccine sales decline |  Link
Heard on the Street: Jobs report reminds investors that Silicon Valley isn’t the whole economy |  Link
In an exclusive interview, San Francisco District Attorney Brooke Jenkins has a message about the “lawlessness” she says she inherited in her city: “All crime in San Francisco is illegal again” |  Link
Jim Cramer says these 3 apparel stocks benefit from the return to office |  Link
U.S. says Swiss engineering group ABB to pay over $315 million to resolve bribery case |  Link
U.S. Fed proposes plan for banks to manage climate-linked financial risk |  Link
“It will likely… prevent a rail strike and make such industrial activities illegal,” @mdbaccardax says about the new rail strike bill. “That’s a really big move for a president who has championed the labor movement for virtually the whole of his career.” |  Link
U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts |  Link
Flu hospitalizations nearly doubled over the last week, and admission rates have reached the highest level in more than a decade via @CityLab Link
New York Attorney General Letitia James’s longtime chief of staff and one of her most-trusted advisers resigned after being investigated for workplace misconduct via @CityLab Link
Of the 2,481 wines our columnist tasted this year, these 50 are the absolute best value |  Link
How Google's Waze has changed from its early days as car travel is remade |  Link
Adidas, one of FIFA's seven global partners, will still be represented in the tournament by Spain, Argentina and Japan after four of its seven sponsored teams exited the #FIFAWorldCup Link
Swiss industrial company ABB agrees to pay $315 million to resolve a multinational investigation into the bribery of a high-ranking official at South Africa's state-owned power utility Eskom |  Link
Germany has become a no-fly zone for discount airlines like Ryanair and EasyJet |  Link
Biden administration officials are trying to reassure oil market participants that the newly agreed $60 price cap on Russian crude won’t trigger supply disruptions and price volatility after it kicks in Monday |  Link
Here are seven major companies whose stocks moved on the week’s news, including CSX, AMC and Salesforce |  Link
Jim Cramer says these 3 apparel stocks benefit from return to office |  Link
What does it mean for a disease to become endemic? Watch the full video here: |  Link
The Biden Administration this week hosted French President Emmanuel Macron for an elaborate state dinner, with the menu headed by pricey, Maine-caught lobsters – drawing bipartisan criticism for the opulent optics.
Why Silicon Valley is so hot on nuclear energy and what it means for the industry |  Link
Bloomberg went to the Bahamas to spend 11 hours with the most famous man in crypto. This is what he had to say: Here’s your Evening Briefing |  Link
Darjeeling tea price tumbles after India leaf-blending quarrel |  Link
GM venture to invest additional $275M at Tennessee plant |  Link
The battle to control the iconic 4.2-mile stretch of road continues. |  Link
Microsoft is ready to fight for its $69 billion acquisition of gaming company Activision if the FTC files a lawsuit seeking to block the deal |  Link
The unemployment rate might have to rise to 4.5%—and stay there a while—before the Fed declares victory in cooling inflation. |  Link
Former FBI agent of 21 years: These are the 8 biggest "warning signs" that reveal a dishonest person. (via @CNBCMakeIt) |  Link
Goodbye savings, hello debt. Americans tap into credit to pay for goods this holiday season. @KristinaParts reports. |  Link
Magnetar Capital cut its stake in iRobot, a maker of automated cleaning devices. RA Capital disclosed a large stake in drug firm Acrivon Therapeutics. |  Link
Billionaire Warren Buffett: This is the "one easy way" to increase your worth by "at least" 50 percent. (via @CNBCMakeIt) |  Link
The Federal Reserve’s new regulatory chief on Thursday signaled plans to beef up big-bank capital requirements, potentially revisiting financial rules that were eased during the Trump administration |  Link
Never before have so many people had to take so much responsibility for their own long-term finances. Here's how to start planning |  Link
Readers weigh in on quantum computing, Walt Disney, climate change, business development companies, estate planning, and sequence-of-return risk. |  Link
Cramer’s week ahead: Markets need a strong job market, tame inflation to stay up |  Link
Former FTX US head is raising money for crypto startup via @business Link
The lawyer who represented Bernie Madoff has some advice for Sam Bankman-Fried: shut up |  Link
A Harvard nutritionist shares the No. 1 vitamin that keeps her brain "young and healthy"—and foods she eats "every day." (via @CNBCMakeIt) |  Link
U.S. judge dismisses indictment against Huawei CFO that strained U.S.-China relations |  Link
Cloud stocks were supposed to be immune from the slowdown. It hasn’t turned out that way. |  Link
US joins EU and G7 to cap Russian oil prices at $60/barrel by @Jenniferisms Link