Not to be mushy or anything but I’m like really excited I get to meet some of y’all in literally a week. Like I get lil butterflies and shit.

Under the vest, I’m just a boy with a heart.

When you allow banks to fractional reserve, you allow every bank to be bankrupt.

There’s not one bank in the world that participates in fractional reserve bank that could survive a bank run.

Banks are not safe, never have they been.

I still have Twitter via the Damus account for mostly PR and tech support, but its so hard to open these days. It feels a lot like watching CNN or something. First thing that was shown to me when I opened it up the other day was a video of two random people fighting ?? Twitter is the new TV.

Everytime I open nostr it feels like hanging out with a bunch of friends. Very different vibe. Hope that never changes.

Powell has been pumping rates for over a year. Why didn’t SVB convert their long term debt to shorter term earlier and waited till now? Doesn’t make any sense.

I don’t wanna get too ahead of myself but we may be about to see a major public reckoning on what on earth banks even are and what they are supposed to do.

SVB didn’t go down due to “the tech bubble” or really anything to do with “banking Silicon Valley” being a bad idea. if anything, it’s a great idea! Their deposits went up ~2.5x in 2 years because there was a shit load of cash that needed to be banked! (debate separately to what extent that was a ZIRP phenomenon. I’m not saying this was good in the grand scheme of things. just that, in context, it was good business).

the problem is what to put the money in. most nocoiners seem to think that their deposits just sit there “as money,” and although I’m sure they don’t imagine notes in a vault, exactly, to a large extent that was true for SVB: they held treasuries - the “risk free” asset lmfao - which is as close to cash as you can get in a liquid security.

the conundrum here is that there literally is no such thing as “liquid dollars” - there is only credit. all dollar assets are somebody else’s debt. for all intents and purposes, treasuries *are dollars*. the idea of “keeping it in cash” at the relevant magnitudes is literally nonsensical. what would it even mean? deposit it at *another bank*? that hardly solves the problem!

the further you tug at this thread, the more you realise that dollars can only really be defined as vacuous promises by the US government to … one day give you slightly more dollars?!? that realisation is now getting aired in public.

I think the first consequence as this starts to sink in will be a massive preference for shorter term debt that can just be rolled over and over and over because the lesson of SVB is the duration sensitivity is absolutely not worth it. you can literally evaporate hundreds of billions of dollars by getting that just a little wrong even though you didn’t have much of a choice (“RISK FREE ASSET” LOLOLOLOLOLOL) this is yet another example of fiat driving up time preference and corrupting the information signals necessary to coordinate long-term capital investment. but oh well, the currency is collapsing so we have bigger fish to fry than the yield of long-dated bonds 😂

but the juicy bit is that we may be on the cusp of this reasoning, and the insanity of fractional reserve and central banking, finally being aired in public as people try to make sense of all this.

or maybe not, I dunno. maybe I’m naive. but I’m also bullish 🤙

Where does the money go.. where..

My husband will always have a special place in his heart for Woodford, even though it’s not his favorite sipper. He was on CNN for saving people during the snowpacalypse. He took a bottle of Woodford to help warm people up and they showed this pic. Woodford Reserve did a nationwide hunt for him. They wanted to donate to his favorite charity and we have an open invitation to stay there any time we are in Versailles.

My husband will always have a special place in his heart for Woodford, even though it’s not his favorite sipper. He was on CNN for saving people during the snowpacalypse. He took a bottle of Woodford to help warm people up and they showed this pic. Woodford Reserve did a nationwide hunt for him. They wanted to donate to his favorite charity and we have an open invitation to stay there any time we are in Versailles.

All whisky or just bourbon?

Nope, it needs to be too sweet for me to choke down the bourbon.

He has Van Winkle and Pappy 10 & 15, but reserves those for special occasions…..like the Pysh’s visiting Hawaii 😆

Anyone that agrees on Bourbon can get along

AMAZING! Really enjoy visiting there and getting some 🥃.

What connections don’t you have? 😂

Also started reading #softwar and finding a few 🫂 on this 🟣 that are also reading.

Might do a book club meet on Nostrnests or something soon.

Would LOVE to hear your perspective.

Also time traveling and enjoyed your early episodes talking this 🟠.

Keep leading & building. 🫡🤙

Bourbon all tastes the same to me..bad. My husband on the other hand is a collector & connoisseur. It’s his only vice. He said Blanton’s is great but Weller & the Colonel are better for the flavor profile he prefers.

Hell yes.

💯 🥃

However I found an amazing veteran owned, small batch operation in KY - MB Roland.

Honorable mention:

- Sagamore Spirit

- Old Elk

If you haven’t read Pappyland by Wright Thompson. Very interesting look inside what the whisky business now looks like.

How does it compare to makers mark?