Global Liquidity
Markets continue to rely on familiar signals such as growth, margins, execution, and competitive position. What has become less stable is the context in which these signals are interpreted. Increasingly, they are assessed alongside constraints that sit outside the firm’s control, and policy-driven uncertainty is one of them. The
Financial Systems
The Supreme Court case over Trump’s emergency trade powers is not only about tariffs. It is about whether temporary legal tools can be converted into standing economic policy. At stake is the interpretation of the International Emergency Economic Powers Act, or IEEPA, a statute passed in 1977 to give
Cultural Shifts
You hold Bitcoin. So does Elon Musk. His companies sit on more than 20,000 of them. But the same coin is not the same thing in your hands and his. Not because you disagree on where it's headed, but because you're using it for different
Protocol Hegemony
A field note on liquidity, standards, and the new meaning of stability 2024 was supposed to be the year contradictions caught up with America. Inflation remained stubborn despite aggressive rate hikes. The federal deficit ballooned past $1.8 trillion. Political dysfunction reached levels that would trigger capital flight in any
Global Liquidity
The Mirage of Global Liquidity and What It Reveals About Our Time In recent years, a kind of brightness has spread through economies and cities alike. Prices climb across markets, new fortunes appear overnight, and the tone of daily life carries an ease once rare. The movement feels constant, though