Cameron Otsuka

America.gov may be the end of the Napoleonic model of government. As credit tightens and AI capex moves into harvesting, Matt Dines & I explore how an agentic government interface could reshape the citizen-state relationship.

Europe is building a new bridge for sovereign debt financing. Pontes links the Euro system’s existing settlement architecture to permissioned tokenized markets. Matt Dines shows how Pontes may turn TARGET balances into new financing capacity for government debt.

The hike phase is underway. Matt Dines breaks down what to watch next: 2-year yields, commodity rollovers, credit spreads, AI CapEx, and the long-end signal that could eventually mark the start of the next expansion.

if the director knew he was satirizing traditional disaster movies, cinematic universes, plot armor characters, and the ever-creeping-longer movie runtimes, this would be ★★★★★ the cgi is bad, character design didn’t make sense, and there’s a serious misunderstanding of scale/speed between the cgi and real characters. he really tried to cram alien and prometheus into a single movie, but lost the metaphors they represent along the way the extra long poop joke saves this from a ★☆☆☆☆

CPI plus Fed, BOE, and BOJ decisions makes Matt Dines view next week as a major volatility test for global money markets. Meanwhile, Treasury faces higher long-end yields and Xinbi Guarantee shows how dollar rails extend US sanctions power.

everybody is yelling the entire time there’s really 3 or 4 stories going on here. they should have streamlined this a bit

The G20’s Asheville message was blunt: growth is the only way out. The emerging playbook points Matt Dines toward “Quantitative Credit Guidance” instead of quantitative easing: private-sector lending, reindustrialization, and a broader sovereign debt restructuring agenda.

I am attending the G20 finance ministers and central bank governors, so look to my upcoming Mine Print Hash episode for my take on what I heard and saw at the summit. Today is just a quick post. The charts we all the ministers are referring to when they talk about yields, “borrowing costs,” sovereign debt, etc.: Mine Print Hash On last week’s episode, we discuss Bessent’s “economic D-Day,” Operation Economic Outcast. We follow the sanctions through the banking layer, connecting everything back…

Bessent’s “economic D-Day” implies a reach far beyond Iran. Matt Dines and I connect Operation Economic Outcast to China-linked trade networks, the banking race into stablecoins, and Jackson Hole/Asheville as checkpoints in the new dollar infrastructure buildout.

Canada’s trade negotiations are more than just tariffs. Matt Dines traces the links between Canada’s resource leverage, Brookfield, mortgage and insurance markets, and Treasury buybacks.

The first question you would probably ask if I told you that Google bought Spirit Airlines’ data at auction, including internal emails, documents, booking information, and other corporate data, is whether Google would use it to improve Google Flights (Google’s flight booking tool) or start its own airliner. The answer, is no. As far as I’m aware, Google is not planning to launch Google Airlines anytime soon. Instead, the data provides Google with a large corpus of real, internal, corporate…

What would a Bretton Woods for the stablecoin dollar era look like? Matt Dines thinks Asheville might be the key. Yen intervention, rewired trade routes, tokenized gold and new settlement rails all converge towards the next evolution in the monetary system.

queen, wwe, sean connery as a spaniard with a samurai sword? this movie has it all romance with roxanne came out of nowhere way too much screaming cuts are too often and sometimes incoherent i really like the cartoonish special effects wait, so the prize was just mortality? there can be only one

I’ll start today’s article off with a definition of formal verification as provided by Keagan McLelland on the Bitcoin Development Mailing List: Formal Verification is a practice in software development that gives greater assurances than typical testing procedures or forum arguments on how various schemes, protocols, and implementations behave. When we argue about how Bitcoin is designed or how it ought to be designed, engineers will make statements of fact about how the system works, but…

the movie making magic is on display here. the cyclops, the moving trees, guys getting picked off the ship, etc. really liked the saturn devouring his son reference hades scene was my favorite in both tone and how it was made odysseus somehow knows both his place in eras and how future audiences will hear of his story? this could have used some more editing. i think it could have been a 2.5 hour film, especially in the last few sections i think nolan does too much trying to spoon feed his…

The “Yentervention” is the key to understanding everything at stake: Matt Dines takes us through the carry trade, Treasury demand, Fed liquidity tools, and Japan’s role in the next U.S.-aligned AI and industrial system.

In the Bitcoin world, it would be incorrect to think a Bitcoin wallet actually holds any Bitcoin. Despite the similar names, Bitcoin wallets carry out very different functions from the common cash wallet we carry around in our pockets. Bitcoin is technically “stored” on the public blockchain and a user can “unlock” that Bitcoin to send it somewhere using a private key. That private key is what is actually being stored in a Bitcoin wallet. Across Bitcoin’s history, there have generally been two…

really toed the line between too much and okay if you don’t have a connection to the original material this is probably a tough watch, but felt they did a solid job updating for a modern audience while keeping the ridiculousness

main takeaway is i’m getting too old for bachelor parties couple funny jokes, but nothing special popcorn flick, watch for a good time, forget about it

the songs are so good, i wish i hadn’t seen this lots of references to korean culture, but midway through it was overdone i found the animation and design to be very generic

While the Fed maintained rates, Matt Dines thinks the vote split may be a hint of economic data to come. China is piloting a SOFR-style lending benchmark, and the US’ missile stockpile telegraphs a defense cycle that could last for years.

While protocols are generally all agreed upon and adhered to, it is extremely common to have competing pieces of software adhering to said protocol with slightly different understandings of how specifics are implemented. For example, we all use the HTTP (Hypertext Transfer Protocol) daily. The protocol is updated over time by first proposing a new change via an RFC (Request for Comments). These RFCs describe how changes to the HTTP protocol are intended to work: methods, behaviors, terminology,…

Bond markets are pricing a world that needs more resources. Matt Dines reviews the week of Houthi disruption and Hormuz tension, constraining Middle East energy flows to Asia, adding another force behind rising sovereign yields.

Oracle wants to build four datacenters in Wisconsin, estimated to cost $15 billion, as part of its broader compute infrastructure deal with OpenAI. But before Oracle commits to the development, they need to ensure the energy infrastructure needed for the massive data center will be built. Wisconsin considers these, “Bespoke Resources,” aka “power plants we built for a customer.” So We Energies builds the energy infrastructure, Oracle promises to buy the electricity for a long enough period of…

the target audience doesn’t realize this is the shopping addiction version of requiem for a dream hits every cliché branch on the way down

“de-gene-erates” is hilarious the core premise is an interesting thought experiment, but the overall plot unfortunately doesn’t do it justice

CPI cools, moving housing affordability to the center of Fed policy. Circle gets its national trust charter approved. China competition heats up with Kimi K3 and US election tampering announcements. with Matt Dines and I

Precursors of future dollar stablecoin headlines have hit the tape: SCOTUS rules on Fed independence, but Matt Dines sees breadcrumbs for the next legal fight I outline Open USD’s challenge to issuer-led stablecoins Mexico’s Brady Bond debt comes to roost

Stablecoins are a pretty easy concept to wrap your head around: you give the stablecoin issuer a dollar, they invest that dollar into some specified mix of “safe” assets, and in return they give you a digital token. That digital token has some magical properties that I won’t get into today, but they theoretically enable use cases that you aren’t able to achieve on traditional monetary rails. There have been many people who have noted this is kind of similar to what banks do, with one key…