It’s not “a Brazilian Justice”

It is Alexandre de Moraes. A psychopathic, power hungry criminal. 🙂

Alguém poderia fazer uma listinha das contas mais legais de seguir por aqui

I’m old enough to remember when liberals were the pro-free-speech side.

Some people still believe we're living in a free country, but the reality is far different. Brazil is heading toward even darker times.

Where will they all go, Nostr?

One of the big macro questions is when will the US banking system run into the liquidity floor, requiring the Fed to end quantitative tightening? Due to current regulations and the "ample reserve" regime, banks generally have liquidity requirements relative to their overall size, and their overall size keeps growing nominally.

-Big banks ran into the liquidity floor in September 2019 at $1.5 trillion with the repo spike, and the Fed had to end quantitative tightening and resume mild quantitative easing (which was then overshadowed by the giga-liquidity-bazooka in 2020/2021).

-Smaller banks ran into the liquidity floor in March 2023 at $3.0 trillion (the new floor) with the regional bank crisis. Both the Fed and the Treasury provided liquidity in response, although the Fed has maintained quantitative tightening. Liquidity has been maintained above that level without being greatly elevated, which is probably what would have happened post-2019 if not for the pandemic/lockdown stuff thereafter.

The New York Fed thinks the liquidity floor will be reached sometime in 2025, and that they'll go back to gradual balance sheet expansion then. Andy Constan, formerly of Bridgewater, thinks it'll be late 2025. I debate him a bit on this since both of us cover this closely, and I generally think it'll be mid 2025, although there are enough moving variables that neither early 2025 or late 2025 would surprise me, so conservatively I say "by the end of 2025."

I was talking to a large institutional investor today, and he said that his contact who is a major repo operator at an investment bank, thinks the current floor is now $3.3 trillion, which is roughly where it is currently. That basically means any further quantitative tightening has to be offset by reverse repo drainage, or they'll have a repo issue and the Fed will need to end QT. My estimate is somewhere in the $3.1-$3.2 trillion range for the liquidity floor, meaning I think there's a bit more room than that repo operator. But either way it's pretty tight.

This is all kind of rambling but generally when that liquidity floor is reached and is responded to, it tends to be good for a lot of liquidity-driven assets, including bitcoin. And it'll probably be with a whimper more than a bang, kind of like the September 2019 repo crisis that nobody other than macro nerds remember.

sqlite with the fields you want to save and its timestamp. Later you fetch since=timestamp+1 to only get a newer profile.

Nonfat Greek yogurt is one of the saddest things.

Amplifying this for critical discussion.

Who will run relays in the future, and is there anything that Nostr as a protocol can tweak to improve future relay decentralization?

nostr:note17jqv3typtv2va0gq8s2xl7fn86v4z5t98sxyyawrleqkuqae89sqkw93l0

Não é possível. 🤡

Yes, that’s the idea. To be aligned with the ruler. But more importantly, choose your own ruler.