The US has about 30 million more people than it did in 2007, so you'd expect it to be creating more jobs. According to macro economist @HenrikZeberg, it's creating fewer. By his numbers, job growth is now below where it was when the 2001 and 2008 recessions started, and he thinks that should worry anyone calling this economy strong.

Right before the dot-com bubble burst, the market ran up around 46% in its last six or seven weeks. Macro economist @HenrikZeberg thinks we're in that stretch right now. He sees a market running on the belief that AI will solve everything and the Fed will print its way out of anything else, and he says that belief has never lasted.

We reacted to Trump greeting Xi Jinping while two B-1 bombers flew overhead 😮 Ben (@iambenleavitt) was impressed. He also forgot Xi's name, and Keith (@inneroperator) was not letting that go.

Keith (@inneroperator) thinks joining the military is a cheat code for life in the US, with income and benefits you can live on long after you're out. Do you know anyone whose life the military changed?

Ben (@iambenleavitt) thinks Pokémon card collectors are about to discover NFTs, and Spencer (@spencer) is building the bridge. Spencer bought Moonbirds, and his trading card game, Vibes TCG, uses Moonbirds and Pudgy Penguins and gets played at the same events as Pokémon. Spencer, Ben is still waiting on a reply to those DMs 👀

Keith (@inneroperator) made a video about diesel prices hitting record highs. A viewer pushed back and said oil futures had just dropped 15%, so the top was probably in. Keith pulled up the chart to answer, and he thinks the viewer is looking at the wrong number entirely.

Scott Bessent got grilled on the stand w/@inneroperator and @iambenleavitt

The Fed is raising rates while the jobs data keeps getting worse, and macro economist @HenrikZeberg thinks it's repeating a mistake we've already seen. In 2007, the big worry was inflation too. By October 2008, it was deflation. The way he sees it, the Fed is driving the car while looking out the rear window.

In America, being poor and being dangerous almost look like the same thing. Keith (@inneroperator) doesn't feel that at all in Brazil, so he went looking for why. A 2013 study he found points to two things that seem to decide how violent poverty gets.

You can now hold a full BlackRock-powered portfolio as one token. Ondo (@Ondo) launched three portfolios built with BlackRock (@BlackRock). Each one bundles institutional multi-asset strategies into a single on-chain token that rebalances automatically. They use tokenized stocks and ETFs underneath, and they're open to non-US investors. Rebalancing is one of the most constant jobs on Wall Street, and it's now running on-chain. Ben (@iambenleavitt) calls it a big deal because it gives people a lower-risk way into crypto's upside. M&M News

Keith (@inneroperator) brought up Chainlink verifying on chain where assets actually sit, and Nev (@nevscape) came back with Fort Knox. He doesn't think the US government even knows how much gold is in there. So why would anyone believe every bank, institution and government ledger behind the dollar has matched perfectly all along?

We asked Nev (@nevscape) about Chainlink. "I'm not a fan. But that's just me." To him it's a centralized company helping other centralized companies get on chain. He also knows the Link Marines are coming for him after this one.

Crypto owes Ripple more than people admit, says privacy advocate @nevscape. When regulators came after the industry, nobody else was willing to fall on their sword. He also sees them as proof of why privacy matters. Ripple was the institutional adoption story for years and it never really happened, and in his view that's because privacy was never built in.

We're going live tomorrow, Thursday September 24 at 12PM ET with Henrik Zeberg (@HenrikZeberg), macro strategist at Swissblock and author of The Monetary House of Cards. We're discussing the late-cycle rotation, what comes after the rally, and why he thinks Bitcoin's biggest crash follows its biggest run. Join us on X or YouTube. Set your reminder - youtube.com/watch?v=gkngaY7K…

Every politician pushing age verification should have to answer this one. Who actually benefits when you hand over your ID to go online? Privacy advocate @nevscape says it isn't the user, and he could only come up with one group that wins.