Episode #185 – ABS Ratings = Milkshake NGU
Episode #185 | Published February 26, 2026 A lender took a pool of bitcoin-collateralized loans, packaged the pool into an asset-backed security, sold roughly $188 million of bonds
Episode #183 – Capital in the 22nd Century
A response to the paper Capital in the 22nd Century. The paper argues AI will create permanent techno-feudalism. Its starting assumptions are profoundly wrong. Wealth is not a stoc