... (think Cessna 172). Of the ones usable by jet traffic, there are:
40 Class B airports (e.g. JFK, BOS, SFC)
116 Class C airports (Albany)
474 Class D airports (Westchester County)
My hunch (from having flown over various parts of the world piloting a large size PJ) ...
3/4
is that the likes of China and Russia have almost no uncontrolled airspace airports for reasons related the military deployment, history (very skinny pickings in private flight schools outside of major cities), weather, etc....
4/4
If you compare Class B, C, and D airports usable by jet traffic, the comparison would not be as drastic.
Mystery solved!
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Could be a good week for AUDJPY. Ozzie CPI odds favor a beat based on recent correlated data from TDMI + NZ + USA.
Another reason AU CPI could beat is the tendency for economists to anchor on prior (unrealistically low) data. Meanwhile, stonks and crypto show the way...
2/4
Note AUDJPY struggled after BTC peaked the night of @elonmusk on SNL (see chart, BTC orange, AUDJPY blue) then dumped a few weeks after BTC dumped.
Now crypto looks bottomy. Commodities V-shaped and blowoff bottom in many altcoins. See chart of MATIC, for example.
3/4
Lockdown and Delta are obvious concerns (priced in?) but much as market was long AUD at .77 on the global reflation story, it feels like the market now getting short AUD on a 73 handle (+ the market is mostly out of large CAD longs, which helps .. see pic of CFTC CAD longs)
Love this in the opening paragraph... Passive/aggressive choice of terminology... "The first category of cryptocurrencies includes those not backed by anything, like Bitcoin. We call these “fiat cryptocurrencies.” Their defining feature is that they have no intrinsic value."
"Finally, we note the urgency of this project. Some policymakers may view stablecoins as an up-and-coming financial innovation that does not currently pose any systemic risk and therefore believe that the best strategy is to wait to see how things play out....
The demise of the dollar has been a popular media story throughout my entire life. Consume such stories with the understanding they have been around for 50 years. A few examples...
Survey result 1. Economist estimates are much more clustered toward the mean than my survey respondents’ guesses because anonymous survey participants are not worried about looking stupid, unlike economists making public forecasts.
This is a known bias in economic forecasts.
Survey result 2. Question asked for your 80 percent confidence range for NFP this Friday.
Median range bottom 300
Median range top 900
A true surprise needs to be outside that range IMO
There is a persistent day of the week effect in bitcoin. Sundays are red and Mondays are black. It has been particularly extreme since 2020 but even looking back to the 2014-2017 period, you can see it’s strong.
Any guesses why? All the true believing hodlers are in church?
In a market that trades 24/7, nobody can trade all the time. Since the trend / bias has been strongly in favor of buying throughout bitcoin’s history, maybe any drop in activity is bearish (or at least less bullish)? Sunday is the lowest volume day of the week for BTC
Most good explanations for Sunday weakness (no institutional bid?) also apply to Saturday, which makes the puzzle more confusing.