As it happens, the Dow Jones topped out at 2722 precisely on August 25th of that year. It was the all-time high for 1987. And it was a level that the Dow would not see again until two years later in August of 1989. I’m sure

There is a great recalibration of the world’s manufacturing infrastructure underway. After decades of centralizing in one region of the world, we are witnessing a swing back to a distributed, decentralized manufacturing infrastructure closer to where key customers are located.

Bank solvency has been preserved thanks to the Bank Term Funding Program (BTFP) injecting cash into banks in exchange for bank collateral in the form of U.S. Treasuries and mortgage-backed securities at par value. But it hasn’t stopped the capital outflows from the banks.

I’ve also been very critical of any company that surveils a population without their consent and generates revenue from the sale of that collected data, or through selling access to that data for advertising purposes.

For today’s weekend essay, we’re sharing an insight from colleague Nomi Prins. Nomi is a former investment banker and the author of books like All the President’s Bankers, It Takes a Pillage, and Collusion.

This was absolutely a remarkable achievement. There’s no question about that. But as I told readers at the time, there’s still more work to be done.

These are all precursors to what I believe will be a more formal announcement from the Fed and the U.S. Treasury about their plans for digital money on some form of digital ledger that will almost certainly be centralized and controlled.