TheMacroChain

@SantiagoAuFund @MacroAlf They're not too concerned about being cut off from access to dollars. They do have some of the strongest macro fundamentals of any country in the world, but they also have very little need for dollars to meet obligations. The dependence on Russian energy plays a huge role, too...

@The_Macro_Chain @MacroAlf Why do you say it’s having serious impacts on our ability to deal with Russia?

Growth peaked, Fed overtightening while China easing. This is my core macro thesis in 7 words. Challenge: can you elaborate yours in 7 words or less?

@chigrl Only pushback is that nuclear provides that option. We just refuse to acknowledge that's the case, because NIMBY.

To gain broad acceptance of a new energy..it has to be more efficient, reliable, and most importantly less expensive for the consumer than the current status. We are simply not there yet.

@SantiagoAuFund @MacroAlf Have you seen any good write-ups on the de-dollarization of different parts of the world (especially China)? This trend is obviously having serious impacts on our ability to deal with Russia right now, and I'm wondering how it has been progressing elsewhere.

@MacroAlf slurp

@MacroAlf The crossing of the rubicon from from printing reserves to sending money direct to users is why inflation is looking so much more durable at the moment. May well put a cap on the USD even with the Fed taking rates higher.

Uncle Sam and banks brrrr spendable money. The Fed brrrr interbank, real-economy inert bank reserves. Brrrreserves = irrelevant for inflation.

Throw in elevated commodity prices and it seems like a supportive environment for ex-US performance, especially for EMs.

...and there are midterms to boot. The Fed will slow the pace of hikes as inflation peaks even though it will remain elevated, expectations for hikes will be repriced, and growth / monetary policy ex-US will be more supportive (especially in EMs) / less restrictive...

@MacroAlf Do you think it's reasonable to expect the USD to weaken in this environment? My thought is that the US fiscal response was such an outlier that inflation will remain elevated longer than the market thinks...

@CryptoSpec1 @MacroAlf I'm not sure the magnitude of the easing should matter much. Historically, the inflecting of the credit impulse has been strong signal for Chinese multiples and asset classes like commodities and EMs. You may not need a very strong economic backdrop for those asset classes to OP.

@MacroAlf US inflation runs hot, Ex-US outperforms

Great discussion on today's episode of Empire podcast today with @JasonYanowitz, @santiagoroel, and Byron Gilliam. Really liked the discussion about value creation and value accrual in web3 and what it means for traditional finance investors. podcasts.apple.com/us/podcast/ftx…

I can't recommend this one enough. podcasts.apple.com/ph/podcast/cry…

The last episode in the @PodcastDelphi VC series with @Shaughnessy119 was my absolute favorite. The interview was with @santiagoroel, and it's one that I've come back and listened to time and time again. Some of my notes below 👇

Finally, be ready to get involved! The team is hyper-focused on making this a DAO-led project. Have feedback? Want to see an improvement? Let them know.

Don't bank on any incentives from the team right away to drive users to the platform. The product should speak for itself. So bring yourself, bring your friends, and tell them to bring theirs. It's time to decentralize the NFT marketplace.

A couple things that stood out from the @universe_xyz AMA today: First, the targeted launch date is March 5. That is coming, and fast. The market place will go live around then, with the auction function soon to follow.