Happy Sunday from the Hudson Valley
This crept up on me but here we are 2ish years and 100+ editions later. Instead of a regular episode, I’m going to go back to some of the content that defined those last two years, with a particular emphasis on the last 50 editions - the time and context surrounding which have been wild by any generation’s standards.
Happy Long Reads
A Long Reads Sunday Retrospective
This retrospective is in roughly chronological order, but beyond that, there is no particular narrative through line. The commonality, to the extent that this list has one, is that the issues I’m highlighting here feel as if not more relevant now than they did when I first shared them in LRS.
I did a one year retrospective as well. I’ve only repeated a few particularly relevant pieces in this one, so for that content check out the Year One LRS thread:
Now on to our main content…
The battle of privacy and surveillance - has only accelerated in the time of COVID-19
The introduction of Libra was like a starting gun for the global battle for the future of money, as central banks that hadn’t taken seriously the idea of private currency all of a sudden became very engaged
Indeed, it even got a response from the highest office in the land…
The Libra hearings in Congress came with some incredible moments.
It was around this time that the bitcoin narrative and the global macro narrative started colliding in a much bigger way
Revolutionary ideas - including a replacement to the USD as the world’s reserve currency - started getting thrown around
Tuur Demeester @TuurDemeester1/ Historic Jackson Hole speech by BOJ Governor Carney: "Technology has the potential to disrupt the network externalities that prevent the incumbent global reserve currency from being displaced. " https://t.co/qV5PNn40Nb
Some made historical comparisons to try to piece through why it felt like we were living in such revolutionary times.
Even before the world broke to bits, the narrative tailwinds for bitcoin were strong
But then the world broke to bits.
As the COVID-19 cases crept up, radical economic shutdowns were enacted, and the money printer revved, many were furious at who got what bailouts.
The scope of the response was staggering.
And of course, the blame game started quickly
Some argued for focusing attention in positive directions
Others pointed out how difficult that was, given the circumstances
The reality is that the scale of the Fed’s response has started an important conversation about wealth inequality that is long overdue
The cynical realization that central banks will prop up markets no matter what the cost gave birth to a new generation - the Robinhood revolution and the Davey Day Traders
A new discussion of the dollar was kicked up, and it remains one of the most important macro discussions today.
In short, we’re living in strange times. As we move into what I’m calling the Groundhog Day economy - in other words, repeating the cycle from March and April but in Florida, Texas and the southern states today - it’s only poised to get weird.
As they say on Twitter…buy bitcoin.
THANKS FOR READING!