"About a third of workers in the U.S. hold jobs that economists say could be done remotely."
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I agree and understanding the ramifications of this change is going to redefine the economy over the next several years.
The tip of this iceberg is the enormous impact it will have on traffic. no mre rush hour?
Then redefining the meaning of office is next. What is its purpose? Why do we have them?
2/6
The jobs that can be done at home, which again are one-third of the workforce, a nothing but glorified video games. My job is this and most of your jobs are as well.
We sit at computer screens and manipulate things. Essentially we are playing a video game.
3/6
And even though work from home is more productive that an office (again for the third of the workforce), they are still Pong in the earlier 1980s. Many orders of magnitude of productive improvement is still to come.
4/6
Work from home is going to quick ramp into something more akin to Minecraft or Fortnight. The ability to move objects and communicate in time and space is next.
How? VR, AR, the Metaverse, Web 3.0, the tokenization of the economy, DAOs, Cryptos, etc
Big changes are coming.
5/6
This is the legacy of the pandemic and boomer/greatest generation execs that think the "way to do business" is to rush everyone into a tiny office in a big building in a city centre are going to do great damage to the entreprises.
Time to think forward or be left behind.
6/6
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The pandemic has caused spending patterns have changed more than anytime in history.
1/4
So the inflation measures now overweight stuff we don't buy as much, like subway passes, restaurants and business attire, which are falling in price. and underweight things we spend a lot more on, like groceries, bicycles, and used cars, which are rising in price.
2/4
As noted in the FT, Harvard professor Alberto Cavallo took a stab at this and found that US inflation may have been underestimated by 5.5% over the course of 2020.
To repeat, inflation last year was near 7% according to his studies. And it is probably higher this year.
3/4
Bottom line, Tether is never redeemed, so the Trust is more or less irrelevant.
Stablecoins are a trading pairs and transfer tokens in wallets. They are not a money market funds like Tim Massad opined.
And this is what makes stablecoins so powerful, and worrisome to regulators/TradFi. They are backed by the same thing as the $$$, full faith and credit...of the crypto universe!
USDT's problem is its centralized. A decentralized stablecoin (DAI, LUSD) has more potential.
My worst fear, regulators are afraid they will be irrelevant and will set out to destroy innovation and improvement to keep themselves relevant, all while claiming they are "protecting the public."
Remember this is a warning:
"I'm from the government and I'm here to help"
3/3
Last month the Fed said they had five yrs to create a digital currency.
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster. 1/3
My early take.
A Central Bank Digital Currency (CBDC) will not work.
To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).
Otherwise it will accomplish nothing.
2/3
Bottom line, stablecoins (the concept, not any one in particular) are winning. The Fed sees the future reserve currency and it does not involve them.
I look forward to their rationakiztion to hold onto the past.
3/3