Businesses that borrowed on the private market without a clear plan are now in serious trouble.
With @dmweisberger and @jameslavish.

One of the magical features of modern banking is how $1 of money can quietly become about $10 in the economy.
Here’s the basic idea.
Imagine $1 trillion enters the banking system as base money.
Banks don’t just store that money in vaults. They lend against it.
When a bank issues a loan – a mortgage, business loan, or credit line – the money doesn’t come from a pile of existing cash.
It appears as a new deposit in the borrower’s bank account.
Now that deposit sits in a bank.
Which means mo...

WATCH: TRUMP SAYS "WE'RE ALSO WAIVING CERTAIN OIL-RELATED SANCTIONS TO REDUCE PRICES."

🇺🇸 TRUMP SAYS US IS WAIVING SOME OIL-RELATED SANCTIONS TO CUT PRICE

It is looking increasingly likely that the next Federal Reserve Chair will be Kevin Warsh. Last week, the White House formally submitted Warsh’s nomination to the Senate, setting the confirmation process in motion.
Prediction markets are no longer really debating whether Kevin Warsh will be confirmed. At this point, the bets are increasingly centered on when it will happen. That raises an obvious question: what does Warsh actually think about Bitcoin?
To be clear, the Fed Chair doesn’t directl...

UPDATE: OIL PRICES DOWN OVER -30% SINCE LAST NIGHT'S RALLY

JUST IN: TRUMP CONSIDERING TAKING OVER STRAIT OF HORMUZ