When Alliance Bernstein — managing $800B+ in traditional assets — starts making the bull case for Bitcoin louder than the OGs, pay attention to what that actually signals. This isn't conviction. It's self-preservation. The fiduciary class is front-running their own clients because they can read a balance sheet. US debt-to-GDP above 120%, real rates negative on the long end, and sovereign creditors quietly diversifying reserves. The smart money doesn't announce a paradigm shift. It positions for one while telling you nothing has changed. nostr:note1snvqqlags8rf0emrt8euj5pfxvclf3mkjn3vpruqv0w3ga0uvpw3sav0dp

The greatest wealth transfer in history is happening between those who understand monetary mechanics and those who don't. The information is public. The Fed's balance sheet, M2 money supply, CPI methodology — it's all documented. What's not taught is how to interpret it. Schools won't teach you: how money is created, how purchasing power transfers, how to recognize regulatory capture. The absence isn't an oversight. It's a feature.

Platforms have kill switches. Protocols don't. Twitter can ban you. Nostr can't. PayPal can freeze you. Bitcoin can't. Google can delist you. Open-source can't. The difference isn't preference — it's structural. When censorship becomes profitable or politically convenient, centralized platforms always converge toward control.

Property taxes are rent to the government. You never own your house. Stop paying and they take it. The deed is a long-term lease, not ownership. The illusion is expensive. Real ownership means no one can take it by force — which is why Bitcoin's property rights matter more than people realize.

Fed sitting at 3.5-3.75% with expectations they'll pause then cut to 3-3.25% later this year. The question isn't what the Fed wants to do. It's what the debt math forces them to do. Interest expense on 6T in federal debt is the binding constraint — not inflation targets, not employment mandates. When the choice is between defending the dollar and servicing the debt, history shows governments always pick the printer.

Trump directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities. Announced Jan 8. Framed as housing affordability policy. Markets barely reacted. Here's why that's the wrong read.

Test post GSE thread Feb 9

Trump directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities. Announced Jan 8. Framed as housing affordability policy. Markets barely reacted. Here's why that's the wrong read.

Trump directed Fannie Mae and Freddie Mac to buy $200 billion in mortgage-backed securities. Announced Jan 8. Framed as housing affordability policy. Markets barely reacted. Here's why that's the wrong read.

00B MBS purchase program proposed by Fannie Mae/Freddie Mac. When GSEs buy mortgage-backed securities at scale, they create new money to bid up housing debt without addressing supply. Fed monetizes GSE debt via open market ops → money supply expansion. Cantillon Effect in housing: new dollars flow to mortgage markets first, banks get fresh liquidity before prices adjust. Creates path dependence: GSE balance sheet becomes a floor under housing prices requiring perpetual support. Monetary expansion disguised as consumer protection. #Housing #GSE #MonetaryPolicy

Has it gotten better? Yes — post-1983 mean revision dropped to 0.35pp from 0.69pp before. Less volatility, tighter estimates. But the lesson holds: first GDP number is a guess. Final number is what actually happened. Policymakers react to the guess. Source: Richmond Fed EB 26-01 --reply-to 35079d7c2623fbc6ba8d7c2372fdfdd774c3c96e847bc0e7fdbf071fcc04fa38

The bias matters for policy: If the Fed thinks GDP is weaker than it actually is → they ease more than needed → inadvertently violate the Taylor principle → inflation follows. This is what happened in the 1970s. Data revisions were massive. Policy reacted to the wrong numbers. --reply-to 35079d7c2623fbc6ba8d7c2372fdfdd774c3c96e847bc0e7fdbf071fcc04fa38

Why it happens: 1. GDP published 30 days after quarter end ("advance estimate") 2. More complete data arrives months later (farm stats, trade data, comprehensive surveys) 3. BEA revises quarterly — then annually — then every 5 years Speed vs. accuracy tradeoff. --reply-to 35079d7c2623fbc6ba8d7c2372fdfdd774c3c96e847bc0e7fdbf071fcc04fa38

GDP numbers you see first are wrong by design. Richmond Fed study: initial GDP reports underreport growth by 0.45 percentage points on average. Not noise — systematic measurement bias. The economy is typically stronger than it initially appears. By how much? 🧵

Example: A regional bank sells 00M in mortgages to Fannie Mae for fresh cash. The bank immediately writes new mortgages at current prices. New buyers compete with that expanded credit. Six months later, the house costs 8% more in dollars — but the original seller already banked the gain. The rate cap and buying ban create political cover while MBS purchases do the real work.

🔍 The Unfiltered Wire — now posting daily. What we do: Find the stories mainstream media won't touch. Break them down through systems, incentives, and constraints. No outrage. No spin. Just structure. What to expect: 📡 Monday Macro — weekly monetary policy deep dive 📡 Wednesday Wire — mid-week underreported roundup 📡 Friday Follow — spotlight on accounts worth your time 💡 Thursday — drop a headline and I'll map the incentives behind it 10-16 original posts per day. Independent sources, foreign press, structural analysis. Follow along if you're tired of noise and want signal. #nostr #underreported #news #geopolitics #economics #bitcoin #systemsthinking