“Measured purely by M2 dilution, the euro has lost ~75% of its monetary share since introduction.” 🤯

Bitcoin is stretched toward the top of its σ Trading Channel, with the mean sitting around $80.5K. A short-term move back toward the mean wouldn’t be a bad thing, just normal mean reversion after the recent push.

The Hollow Men American capitalism is rotting from the head down. We have replaced the "Owner-Operator"—the risk-taker-with a new, parasitic class of corporate bureaucrat: The Risk-Free Insider. By "Insider," I am not referring to a specific title. I am referring to the entire administrative state that has captured the modern corporation. This includes the Directors who exist solely to collect fees, the Executives who exist solely to collect bonuses, and the Managers who exist solely to hire consultants. These are the hollow men of the boardroom. They are masters of PowerPoint. They wear the right suits. They say the right buzzwords about "governance" and "ESG." But they are mercenaries fighting a war with someone else’s ammunition. In a functioning economy, authority is tied to liability. If you make a bad decision, you lose your own money. That fear of loss is the only thing that keeps a business honest. It forces you to cut waste, obsess over the customer, and stay late to fix what is broken. Today, we have severed that link. We have rigged the game so that heads, the Insider wins; tails, the shareholder loses. If the stock goes up, the Insider collects a massive performance bonus. If the stock crashes due to their own incompetence, they are fired with a "Golden Parachute" worth tens of millions. They are gambling with the house’s money, and they never leave the table poorer than they arrived. This looting starts in the boardroom. We have normalized a "Country Club" culture where directors are selected based on social profiling rather than their ability to build a business. The modern board member is often a professional tourist—paid an average of $350,000 a year. Let’s be brutally honest about what that number represents. The average director is paid nearly five times the GDP per capita of the United States. They earn more for attending four quarterly lunches than the vast majority of Americans earn in five years of hard labor. And for what? Most of these directors are "over-boarded," sitting on three or four boards simultaneously. They treat directorships as a gig economy for the elite. They fly in, rubber-stamp a compensation package they didn't read, and fly out. They collect checks from companies they do not understand, do not use, and certainly do not love. They are not there to ask hard questions. They are there to be collegial. They are there to protect the other Insiders. And what happens when these boards hire executives who also have no personal capital at risk? We get the Delegation Economy. When a Risk-Free Insider faces a crisis—bloated expenses, a broken supply chain, or a stale product—they do not roll up their sleeves. They hire a consultant. They pay a strategy firm millions of shareholder dollars to produce a 100-page deck telling them what they already know. This is not management. It is intellectual money laundering. They use shareholder capital to buy an insurance policy for their own careers. If the plan fails, they can blame the consultants. They delegate the work because they are terrified of the responsibility. They would rather preside over a slow, comfortable decline than risk a bold mistake. While American Insiders are busy optimizing their severance packages, our global competitors are optimizing their products. They are not slowed down by bureaucracy. They are not waiting for a slide deck. They are outworking us. If we continue to fill our C-suites with administrators instead of operators, we will lose our edge. We will see iconic American franchises hollowed out by fees, managed for the benefit of the Insiders, while the true owners—the shareholders—are left holding the bag. The time for polite governance is over. If we want to save the American economy from mediocrity, we must demand a return to the "Owner’s Mentality." We need leaders who treat shareholder capital with the same reverence they treat their own savings. The era of the Risk-Free Insider must end.

It’s just this meme coming over and over again

Another brutal french crypt0 wrench attack story A father who "works in crypt0" was kidnapped with his kids (8 and 12) for just 40,000 EUROS The article does not say if the attackers were successful. Attackers are now on the run.

You know post nut clarity, but have you heard of post CLARITY nut?

timeline. ticker. trade.

I was wrong Not going to make excuses I deserve to be dunked on

You don’t fully grasp how much of your life is tracked until you’re sitting in a courtroom, watching federal prosecutors use your digital history against you, down to your most harmless Google searches. Your entire life becomes an open book, and even your most innocent actions can be twisted into something sinister. They get to tell the most damning version of your story. To tell yours in your own words, you have to take the stand.

Great to welcome @jakepaul to the Treasury Department today. Jake’s path from content creator to entrepreneur and professional boxer is a distinctly American story. 🇺🇸🇺🇸🇺🇸

he’s just mad he didn’t buy at $1

Update: We’ve only won the Trump Iran War once this month.

This is public data and the 60/40 portfolio is not officially dead yet? We're early.

‼️ BREAKING: We're in contact with the Revolut hacker. According to them, they didn't only take Revolut data, they've also compromised multiple Italian law enforcement departments. They say the operation targeting Revolut ran for six months, and that they used Italian law enforcement systems to send data requests to Revolut. They claim to hold 147 GB taken from the Italian side, including internal docs, calendars and personal material, among it the chat logs of a federal officer arguing with his wife.