The future of banking with crypto on board
OCC’s heightened crypto engagement under Brooks
 The economy isn’t really like a computer that can be switched on and off; it is more comparable to a human body that is dead, once it is switched off.
 Economic growth has a definite pattern to it, rather than simply increasing without limit.
 Commodity prices behave differently at different stages of the economic cycle. During the second half of the economic cycle, it becomes difficult to keep commodity prices high enough for producers.
 The low prices since mid-2008 seem to be leading to both peak crude oil and peak coal. Crude oil production started falling in 2019 and can be expected to continue falling in 2020. Coal extraction seems likely to start falling in 2020.
 Modelers missed the fact that fossil fuel extraction would disappear because of low prices, leaving nearly all reserves and other resources in the ground. Modelers instead assumed that renewables would always be an extension of a fossil fuel-powered system.
 The same issue of low demand leading to low prices affects commodities of all kinds. As a result, many of the future resources that modelers count on, and that companies depend upon as the basis for borrowing, are unlikely to really be available.
 On a stand-alone basis, intermittent renewables have very limited usefulness. Their true value is close to zero.
 The true cost of wind and solar has been hidden from everyone, using subsidies whose total cost is hard to determine.
 Wind, solar, and hydroelectric today only comprise a little under 10% of the world’s energy supply.
 Few people understand how important energy supply is for giving humans control over other species and pathogens.
Delusions in Westminster and Whitehall
Britain’s banks are especially vulnerable
The context of Brexit
It’s not just about COVID-19
Can sterling avoid the dollar’s fate?
From Zero Hedge: