The Onramp Brief and other dispatches.
The US government holds $6.1 trillion of assets against $136.2 trillion of promises. Valued the way a company pension scheme is valued, that is 4.5 percent funded, and every figure comes from the government's own Financi…
For most of 2025, the government's scoreboard said the economy added 584,000 jobs. The final count was 181,000. Next week, the Fed…
Two weeks after the Treasury promised to buy its own long bonds, the effect is gone and the selling has gone global. Japan, German…
Washington is blaming the war for the bond market's repricing. The war is the excuse. The cause is $40 trillion of debt, and the r…
Washington opened Operation Economic Outcast, telling every bank on earth to choose between Iranian business and access to the Ame…
In this week's Roundup: Treasury's second intervention in a month, the difference between a trade and a condition, and why gold an…
On the afternoon the national debt passed 40 trillion dollars, the Treasury announced without warning that it would at least doubl…
In this week's Roundup: the debt crossed $40 trillion on Wednesday, and hours later the Treasury doubled buybacks of its own long-…
The Clarity Act would finally name a referee for the roughly $680 billion of digital assets whose legal nature is still unsettled,…
In the wake of a long-trusted hardware wallet's entropy bug, which two weeks ago led to roughly $130 million in bitcoin stolen str…
The US Treasury is funding itself with short-term bills at a pace that has pushed them to 22 per cent of the tradeable debt, above…
Google's record quarter and its first negative cash flow quarter arrived in the same release, and 69 per cent of that record profi…
A fifty percent drawdown is ordinarily where conviction in an asset dies. In bitcoin it appears to be where true conviction is for…
Last October silver's lease rate hit an all-time 34.9 per cent and the price ran to $121; nine months on it trades near $56 and co…
The most disciplined bond bull in America just changed its mind. On Thursday, Bloomberg reported that Hoisington Investment Man…
On July 9 a message-scanning law the European Parliament had just rejected passed anyway, on the arithmetic of empty chairs. This…
Bitcoin sits roughly 50% below its all-time high, sentiment is poor, and the critics have reached once more for their favorite ver…
The Fed's new leadership is betting that AI will push prices down, letting it cut rates before measured inflation falls. This week…
Sound money was written into America's founding on purpose, by men who had seen what happens without it. It was dismantled in stag…
This week's brief examines the May crash in tokenized Anthropic and OpenAI exposure, where investors learned that a token claiming…
Five charts this week in place of the usual structure, and they tell one story. The market's most crowded trades were built for a…
Everyone argues about the interest rate, but the number that quietly defines money is settlement: how long until a payment is trul…
Kevin Warsh chaired his first Fed meeting on Wednesday and held rates at 3.5 to 3.75 percent, as expected. He cut the statement to…
Financial repression has two requirements, a cap on what savings earn and a way of keeping them from leaving, and a bitcoin held i…
This morning SpaceX will begin trading on the Nasdaq at a $1.77 trillion valuation, raising $75 billion in the largest IPO ever pr…
The AI buildout has bound Nvidia, OpenAI, Oracle and the hyperscalers into a roughly $1 trillion circle, where the same dollar is…
For the better part of four years, a flaw buried in Zcash's main privacy pool would have let anyone who found it mint unlimited ZE…
A thought experiment followed by an evidence review: history has handed anyone who wants to manage the price of a hard, fixed-supp…
This week David Hoffman, co-founder of Bankless and one of Ethereum's most visible advocates, sold all his ETH and wrote a careful…
Five separate policy mechanisms are being assembled into a single architecture of financial repression: a Fed-Treasury absorption…
The thirty-year Treasury hit 5.2 percent on Tuesday, the highest level since 2007, before easing to 5.12 percent at Wednesday's cl…
Bitcoin mining produced, as a side effect, the most valuable energy infrastructure portfolio outside the utility sector. The marke…
Coinbase laid off 700 people on Tuesday. Wednesday morning, Morgan Stanley turned on spot trading for bitcoin inside E*Trade at 50…
The Treasury cash-futures basis trade has grown into the single largest user of US repo financing — $6.6 trillion of borrowing aga…
Operation Epic Fury is eight weeks old. Oil is up forty percent, gold is down, bonds are down, stocks are down, and bitcoin is the…
Equity markets are pricing in the best of all possible worlds. The data underneath tells a more complicated story. Sound money was…
Three systems of trust - physical, monetary, and custodial - are fracturing at once. As Iran privatizes the Strait of Hormuz, gove…
Last week we mapped the broader rotation away from dollar-based settlement amid ongoing global conflict. This week, The Financial…
Today we are releasing The New Money Stack, our latest institutional research report mapping the ten layers of digital asset infra…
Morgan Stanley, the largest wealth management firm in the world, with $9.3 trillion in client assets and over 16,000 financial adv…
