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Cake day: July 15th, 2023

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  • They’re only the floor because they’re seen as risk free. “Why lend someone money for less than what the US government is offering you? The government is always gonna pay you back, after all”. If that mentality changes then treasury bonds will no longer be the floor, because you’d rather lend the money to someone else than the US government.

    Not that this isn’t disastrous for the US. Increased taxes, cuts to medicare/medicaid/military, a government default, or a mix of all three are an inevitability. The US government can probably keep paying interest payment costs with more debt for a while, but not forever. These movements in the bond market takes us closer to the end of the USA’s debt spree.





  • Oh absolutely, PayPal, Visa, and MasterCard are absolutely crucial. This position allows them to leech off the entire dogital payments system in a way that does not have anything to do with their cost of operating. So an alternative doesn’t hurt.

    Regarding online ID: The Norwegian government websites only accept ID from Norwegian providers, and if you want to sign anything with a commercial party you’ll need Norwegian BankID. Germany operates entirely on wet ink sent by snail mail. Some government websites accept ID cards, but the commercial world has not taken notice at all. I don’t know where this unified European ID world is, but my guess is Theoryland and maybe Estonia and Finland.


















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