AI Economy
Some arrangements, once they are put into operation, no longer treat exit as a reversible move. Not because departure is forbidden, but because returning after a position is lost becomes prohibitively expensive. Power purchase agreements extend across decades. Transformer orders sit in queues measured in years. Grid connection permits, once
AI Economy
Not all AI scales by code. Some of it scales by permits, steel, and time. Sequence Cannot Be Skipped AI is often discussed as software, but parts of its development now resemble heavy industry. Not in appearance, but in constraint. Progress is no longer gated by models alone, but by
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
AI Economy
Forecasts for AI’s contribution to global GDP cluster between fifteen and twenty trillion dollars by 2030. The number shifts from report to report. The assumption beneath it does not. Each projection treats AI as if it will scale the way software has always scaled. Elon Musk often talks about
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