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
Episode #182 – Kabuki Theatre
The financial system is Kabuki Theater. AI content floods the internet while nobody can tell real from fake. Bitcoin bridges physical cost to digital information. The reverse repo,
Episode #181 – Fermi’s Folly
Episode 181 reframes Fermi's Paradox through information theory, constraint quality, and the bitcoin thesis in an age of synthetic abundance.
