Joe Weisenthal
@TheStalwart
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One half of Bloomberg's Odd Lots Podcast. One quarter of Light Sweet Crude.
New York City
Joined March 2008
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Pinned Tweet
TRANSCRIPT:
Full text of our chat with
@SRoach_econ
.
We talk:
-Risk of a new Cold War with China
-Lessons from the US trade tensions with Japan
-The decline of Hong Kong, and change under Xi
-What to watch in the Third Plenum
-National security
++
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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.
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Bitcoin down 10%. Can't say I'm surprised tbh. I warned it was a bubble back in 2012.
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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
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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.
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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.
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Just re-reading
@AOC
'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.
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Instagram is putting a context warning label on memes that connect inflation to corporate greed (HT:
@IolaElla
)
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This bot is GRINDING
Crypto bot borrows $200 million in a flash loan to secure just $3 of profit
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All the people who said SBF would never be charged etc. because of his political donations.
Probably one of the clearest examples of what is a very common phenomenon, where the savvy people who want "the real story" tend to be the biggest dupes who fall for the dumbest ideas.
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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.
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If it’s true that they torched an $80 billion company cause they thought they were too close to building God, then that’s orders of magnitude the most punk rock thing I’ve ever heard of.
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Certain things can only be seen by the pre-literate
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All the cool people of NYC are playing chess late at night in bars now. Wild times
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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.
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Honestly pretty good
Just walked to McDonald’s, ordered food, and literally ate it there. It was hot and fresh and cheap, unlike delivery. Why aren’t more people doing this? Kind of a food hack.
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This guy is announcing that coal plants will temporarily be restarted for the winter, but that long term there will be no changes to the EU’s Paris commitments.
Has a man ever looked more ran through than Daniel Craig wearing these glasses
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It blows my mind that undersea, transatlantic cables exist. And it’s even wilder to me that they’ve been in existence since the 1800s.
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There are a lot of crypto influencers who have a suspicious amount of fiat available to them in order to buy every dip.
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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.
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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?
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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.
Mr. Dube and two co-authors found that...in just two years, the economy undid about a quarter of the increase in inequality since 1980. Much of that progress, they found, came from workers’ increased ability — and willingness — to change jobs.
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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?
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Not going to lie. As someone who’s been hodling British pounds since 1209, I’m starting to feel like a complete moron now.
The Bank of England governor says that cryptocurrency investors should be prepared to lose all their money 🤡
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Has any other piece of legislation done what it set out to do, so decisively and so quickly?
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I did one. The history of how Wall Street has seen Bitcoin.
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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
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Biden's oil releases broke OPEC. He is now slowly refilling the strategic petroleum reserve.
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It's creepy how the guy himself is referred to as Papa John
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I want to meet the people who are 100% WFH, who aren't satisfied with their daily commute
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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?
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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.
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Portnoy is pulling letters out of a Scrabble bag to decide which stock to buy next.
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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.
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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.
Top chess engine gets stomped by one made by the Deepmind team
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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
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I once had a conversation with a politician from a low tax southern state who said his key to getting companies to relocate there was convincing executives' wives that there are plenty of cultural amenities (art, symphonies, etc.) just like they have in California and New York.
the spouses of the very rich are the dark matter of american politics
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Absolutely staggering. The world just had its worst week ever for covid infections
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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.
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BRICS *drags cigarette* now that’s a term I haven’t heard in awhile.
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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.
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Politicians who say they would run the government like a business should be all for this
For every $1 the federal government spends auditing the top 0.1% of earners, it makes back $6.
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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.
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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.
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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.
Breaking News: U.S. consumer prices rose 4.9% in the year through April, a 10th straight month of declines in inflation.
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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?
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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?
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This is incredible. The ultra-rich do things like fly their private jets out of the state right after midnight, and time their returns until just after midnight, so they can escape NY taxes, but stay in the city as long as they can
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OMG. Someone on Reddit says their local grocery store may be offering illegal onion futures
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This guy made the mistake of being happy and normal in the internet.
Do you know what a "bottle night" is?
Probably not, because my gf and I invented it during a 2023 blizzard in Buffalo, NY.
We lock our phones away, turn the TV off...
Each grab a bottle of wine, and talk.
That's it, we simply talk and enjoy each other's presence.
We live
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It's interesting. Inflation continues to drift lower. Stocks are at all time highs. The unemployment rate is below 4%.
Meanwhile, the primary discourse is around how supposedly terrible both fiscal and monetary policy has been over the last 3 years.
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Big opportunity for Dems to pickup a Senate seat.
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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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The CEO of Coinbase responded to a fake JK Rowling tweet and encouraged it to buy shitcoins
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You people mocked tweet threads, and now this is what you get instead. Hope you're happy.
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This 45% decline for Facebook is really astonishing. That's a lot of wealth that people probably thought was highly safe just vanished.
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Damn, Trudeau gets it.
*'WE TOOK ON DEBT SO CANADIANS WOULDN'T HAVE TO': TRUDEAU
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TRANSCRIPT: The full text of me and
@tracyalloway
's chat with
@dsquareddigest
about how the world lost its mind.
The concept of Accountability Sinks is so powerful, once you start noticing them.
Here's an example that lead to the murder of 400 squirrels
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ASML, Novo Nordisk, the entire German chemicals industry, Airbus, every luxury brand that matters. I mean come on. People just say stuff on this website.
Europe is not really economically relevant anymore in 2024 I think
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Tfw you don't offer trading in Dogelon Mars
*COINBASE FALLS NEARLY 12% AFTER THIRD-QUARTER EARNINGS MISS
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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
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So like… is there really just a scad of unusual Boeing malfunctions this year or is this like when the media goes through a phase where it starts reporting on every shark attack? Genuine q
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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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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
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Taliban sticking with Twitter for now
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.
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WTI is $73 now
Remember when the Biden admin said it would refill the SPR with oil below $80. Good times
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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.
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Graduate of École Polytechnique who blows up your derivatives trading desk
This is what AI thinks Napoleon would look like in the year 2023
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Horrific economic toll. 3.2 million initial weekly jobless claims in one week. Previous crises and recessions are barely a blip on this chart.
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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.
Six in 10 regard unemployment as a very or somewhat serious national problem.
Unemployment is very close to a half-century low
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Whoa... Is Chegg the first publicly-traded company to say that ChatGPT is clobbering its business?
The stock is down 37% after hours.
$CHGG
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This is the kind of break-the-glass thinking we need to address the scale of the crisis. Hats off to
@RashidaTlaib
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.
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Never seen anything like this posting domination. The number of people who he's driven crazy -- left, right, far left, centrists, liberals, center-right liberals, center-left liberals -- is unreal.
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The world's wealthiest family is getting $4 million richer every hour
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Crazy. And this is in Fahrenheit! Imagine what it would be in Celsius.
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For the last time. The dividing line between GenX and Millennial is not a specific year. It's "did you have Facebook in college"
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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.
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*BIDEN TOLD ALLY HE IS WEIGHING WHETHER TO CONTINUE IN RACE: NYT
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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.
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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.
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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?
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Tesla Shares Soar On Expectations Tesla Shares Will Soar More Tomorrow
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Went to the Apple store to buy some new headphones, cause mine broke. The guy told me that they’re selling for half the price at a nearby Best Buy. And they were. Just saved me like $100.
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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.
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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"
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The US government is offering USD staking rewards of 9.6%, which is much higher than any DeFi or CeFi rewards on USDC
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I still have a really hard time wrapping my head the idea that China is cheating or doing something “wrong” by producing lots of stuff.
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