Thomas Vesely

An excellent conversation with @AaronBMacLean for @schoolofwarpod, recorded at @NYHistory last week: youtube.com/watch?v=Snva0y…

@business @izakaminska Why I am not surprised?🤔

Companies in at least nine European countries bought carbon offsets from projects that appear not to exist or were verified by an auditor-turned-developer who treated the two jobs as a revolving door, a Bloomberg investigation found. bloomberg.com/graphics/2026-…

Tether and the Government of Georgia to Launch GEL₮, the Official Stablecoin of Georgia tether.io/news/tether-an…

Very interesting details! youtube.com/live/axCpQbNe7…

While Keynes blamed the Great Depression on market failures and demanded government intervention, Friedrich Hayek delivered the real explanation in his brilliant 1931 lectures "Prices and Production." The Austrian economist laid out precisely how central bank credit expansion creates unsustainable booms that must end in devastating busts. Hayek explained that when central banks artificially lower interest rates below their natural market level, they distort the price signals that coordinate economic activity. Entrepreneurs receive false information about consumer preferences and available savings. They launch investment projects that appear profitable but consume resources that don't actually exist. The Fed had done exactly this throughout the 1920s, pumping credit into the economy and fueling the speculative mania that Keynes and his followers mistook for genuine prosperity. The inevitable crash came in 1929 when reality reasserted itself. Malinvestments had to be liquidated. Workers had to move from unsustainable industries back to productive ones. Prices had to adjust to reflect actual supply and demand conditions. This painful but necessary correction process would have restored the economy to health relatively quickly. Policymakers followed Keynesian logic instead. They propped up failing businesses, prevented wage adjustments, and launched massive government spending programs. President Hoover increased federal spending by 50% between 1929 and 1932. Roosevelt doubled down with the New Deal's alphabet soup of interventions. Each program delayed the natural healing process and prolonged the depression for over a decade. Hayek's analysis stands vindicated by history while Keynesian demand management continues wreaking havoc through boom-bust cycles worldwide. The next time politicians promise to spend their way out of recession, remember who actually explained what went wrong in the 1930s.

Christ Crowned with Thorns (ca. 1598–1600), by Annibale Carracci (Italian, 1560-1609).

Caravaggio. Bernini. Titian. Velázquez. —Palazzo Doria Pamphilj barely makes sense. 😂 🎥:Abs

Kevin Warsh is facing the highest yields on 10-year Treasuries on his swearing-in date of any Fed chair going back to Alan Greenspan in August 1987.

Turkey in 24 hours: • Court sacks main opposition leader • The Central Bank sells nearly $8bn to stop the panics in the markets • Erdogan closes Bilgi University in the middle of the academic term • He also bans municipalities from establishing new companies

BUY CHINA – that’s the message from this week’s guest on The Master Investor Podcast – Louis Gave @gave_vincent, the Founding Partner and CEO of @Gavekal, one of the most unique and insightful market research firms in the world. IRAN WAR: “China comes into this crisis better prepared than pretty much anybody out there… & has more oil and storage than the rest of the world combined.” LONG TERM: “China has the lowest cost of capital, the lowest cost labour, the lowest cost of electricity, and has the world's cheapest currency and it's not even close… And that makes for a very powerful combination.” WARNING: UK, France and US bond markets are vulnerable. Timestamps: 00:00 Intro 03:28 Iran War – likely path 05:34 Iran War – inflation coming 08:04 Iran War – who is most exposed 13:37 UK, France, US bond markets vulnerable 15:55 Bearish on defence stocks 20:38 China well prepared for Iran shock 28:20 China screaming buy long term 34:56 Constructive rest of Asia 36:12 US overvalued? 41:33 Know your strengths

FS in Q3/2027!!!! 😁😁😁 youtu.be/XQqiADxjDg0?si…

*TURKEY LIQUIDATED ALMOST ALL ITS US TREASURY HOLDINGS IN MARCH Turkey dumped their gold AND their treaesuries

You probably won’t see anything more beautiful than this today. Borromini transformed Sant’Agnese in Agone with marble, scale and light. — This is Baroque at its strongest! 🎥:Abs

A wall full of books says more than expensive decor ever could.

3/33 – 🔖 One quote summarized the thesis 📜 “Is gold now already too expensive? We hear this question frequently, from customers, journalists and private investors. Given the current turbulent mixed situation, it is hard for us to imagine that we are at the end of a gold bull market. A comparison of various macro and market metrics at the time of the last two secular all-time highs in 1980 and 2011 with the current situation reinforces this view. The gold price definitely still has a lot of room to move up.” Looking back from 2026? That aged remarkably well. 💯 #GoldPrice #BullMarket

Umberto Veruda ( Italian, 1868-1904): “Flowers”, 1903.

And then they said "Gold is a Bubble"....

Congratulations to @AgnicoEagle on approving the investment decision for Hope Bay. The 2026 Study outlines 400,000-435,000 oz annual gold production over an initial 11 year mine life, with first production as early as 2030. Triple Flag has a 1.0% NSR royalty on Hope Bay.

My contribution to this year’s In Gold We Trust report is available at the link below and features an exclusive interview with Tether’s head of special projects, Juan Sartori. It’s a deep dive into Tether’s ambitions in the gold market. ingoldwetrust.report/wp-content/upl…

🎥 Unser Summary-Video, mit @RonStoeferle, das die wichtigsten Themen des In Gold We Trust-Reports 2026 beleuchtet, ist jetzt auf YouTube verfügbar! 🥇📘 Von neuen Allzeithochs bei Gold und Rekordkäufen der Zentralbanken bis hin zu Dedollarisierung, Sachwerten, Bitcoin und der Zukunft des Geldsystems – wir fassen die wichtigsten Erkenntnisse des Reports in einem kompakten Video zusammen. ▶️ Nicht verpassen! Jetzt ansehen: youtube.com/watch?v=-JLKv8… #IGWT26 #GoldReport #GoldInvesting #PreciousMetals #Commodities #BullMarket #SoundMoney #SafeHaven #InflationHedge #HardAssets #GlobalEconomy #FinancialMarkets #MacroTrends #InvestmentInsights #PortfolioStrategy #GoldenDecade #20YearAnniversary #MonetaryFuture