- Wars cannot be fought with supply chains that crisscross a globalized world, where production happens on faraway, little islands in the South China Sea, from where chips can be transported only if airspaces and straits remain open...
- Global supply chains work only in peacetime, but not when the world is at war, be it a hot war or an economic war. The low inflation world had three pillars: cheap immigrant labor keeping nominal wage growth “stagnant” in the U.S., cheap Chinese goods raising real wages amid stagnant nominal wages, and cheap Russian natural gas fueling German industry and Europe more broadly. Implicit in this “trinity” were two giant geo-strategic and geo-economic blocks: Niall Ferguson called the first one “Chimerica”. I will call the other one “Eurussia”.
- Wars, like the currently unfolding economic war, are about control. The control of technologies (chips), commodities (gas), production (zero-Covid), and straits – chokepoints like the Taiwan Strait, the Strait of Hormuz, or the Bosporus Strait.
Central banks across the world are exploring the possibility of developing their own digital currencies, known as CBDCs. In this whitepaper, the authors make the most comprehensive argument against CBDCs to date: CBDCs will erode the distinction between America and authoritarianism.
Global presence of Bitcoin mining activity. All mining locations detected (n = 6062) are mapped by their unique longitude and latitude coordinates.
Valves are an important tool for flow control in fluid or gas networks. We investigate the possibilities to set up valves on the Lightning Network to improve flow control and reduce expected payment failure rates.