The big office in a city center is a broken model. The pushback to return is palpable.
Instead of bribing people in a desperate attempt to return to 2019, time to think forward about what the future of the office is and what purpose it still serves.
The future of work? Look at how the gaming industry has evolved. That community has managed to develop relationships, improve productivity, train each other, and reward each other without ever sitting in the same room.
This could serve as a roadmap for the larger workforce.
What is most office jobs in 2021? You sit in front of a computer manipulating things on a screen. This describes about 30% of jobs, and virtually every job in financial services.
This is what gamers do, and they are more advanced at “remote work” than the typical company.
Gamers find their version of “remote work” so interesting that they sit in their room all day doing it.
Instead of pitying them, ask why they have it right and you have it wrong as you sit on a crappy commuter train on your way to little room in a big building downtown.
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I was on CNBC earlier today talking about plunging bond yields.
1/6
I'm in the camp that says inflation is not transitory. I still believe this is correct.
But, as the bottom panel suggests, this is not what the markets are worried about. Note that yields (orange) and the relative performance of reopening stocks (green) are nearly the same
2/6
So, the market is focused on growth and not inflation. On this front, it is not good. The reopening stocks are having their worst stretch since the Pfizer vaccine announcement last November.
"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
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.