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Founded Bridgewater Associates in 1975 and led it until stepping back from control in 2022. Author of Principles, The Changing World Order and How Countries Go Broke; publishes economic analysis at economicprinciples.org.

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  The late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities.

  interest ratesgovernment

  Their words

  Early in the final stage of the Big Debt Cycle, the market action reflects this dynamic via interest rates rising led by long-term rates, the currency declining especially relative to gold, and the central government’s treasury department shortening the maturities of its debt offerings because of a shortage of the demand for long-term debt.

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China economy researcher based in Beijing who writes on his personal blog about Chinese political economy, history, books and music.

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  China's real exchange rate should appreciate through higher domestic inflation, not currency revaluation.

  inflationChina

  Their words

  My view is that an appreciation of China's REER is very much to be desired, but the real (haha) way to get there is through higher inflation domestically, and that means different macro policies.

  Real talk about the exchange rateandrewbatson.com

Engineer and teacher; wrote Kubernetes the Hard Way, was a distinguished engineer at Google Cloud, and retired from full-time work in 2023.

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  Crypto's real question was never how transactions settle: changing the currency is something that happens to retired people who have no way of making new money.

  crypto

  Their words

  There have been countries that have gone through currency resets. This is not a nice experience because if you had a little bit of money, a currency reset can mean you have now no money. If you had no money, it may feel like it's impossible to ever get any more money. If you're retired, what do you do during a currency reset?

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Writer, photographer and software maker based in Japan; publishes long-form essays, walking newsletters and self-made books at craigmod.com.

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  Claude Code

  Their words

  With Claude, I've built a host of software like this. Mostly small tools for myself — programs that instantly append copy buffers to text files (I keep a running file of nice things people write to me called notapieceofshit.txt) or quickly perform live currency conversions.

  craigmod.com

Co-founder and CEO of Shopify; long-time Linux user and Omarchy contributor.

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  In a managerially run company legitimacy lives in the plan rather than in any person, which is why changing anything takes enormous activation energy.

  energy

  Their words

  no one carries the full legitimacy inside of a company. Legitimacy is a currency in a companies. No one carries the full legitimacy in a company, even the CEO. The CEO just has a lot of input on the plan. The plan carries the legitimacy.

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Investment researcher and engineer who runs Lyn Alden Investment Strategy, writing on macroeconomics, currency systems and equity analysis.

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  A new monetary network with its own unit can only bootstrap from zero to mass adoption through a period of upward price volatility.

  interest rates

  Their words

  If a new monetary network with its own unit (i.e. not pegged to an existing currency as a credit rail on top of it, but rather a fully parallel system to central banks) is going to bootstrap from zero to massive, it requires upward volatility.

  The Rise of Bitcoin Stocks and Bondslynalden.com

Historian at Stanford and the Hoover Institution; wrote Milton Friedman: The Last Conservative and Goddess of the Market, on Ayn Rand.

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  Money works only because everyone believes in it, which makes a currency a measure of social trust that fails when the trust does.

  Their words

  And to go back to thinking about money, money works because we all believe in it. It's a form of social trust, and it's a form of belief and faith in our society and in the other people in it. And when that breaks down, the money system will break down as well.

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Investment researcher and engineer who runs Lyn Alden Investment Strategy, writing on macroeconomics, currency systems and equity analysis.

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  The United States is not at risk of a financial crisis caused by the size of its government debt.

  Americagovernment

  Their words

  Stabilizing factors such as the global demand for U.S. dollars and debt denominated in its own currency suggest an era of fiscal dominance in the U.S. that's less dramatic than alarmists predict but more persistent and intractable than optimists hope.

  Full Steam Ahead: All Aboard Fiscal Dominancelynalden.com

Co-founder and CEO of OpenAI; previously president of Y Combinator.

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  Compute will be the currency of the future and the most precious commodity in the world, so we should be investing heavily to make far more of it.

  Their words

  Look, I think compute is going to be the currency of the future. I think it will be maybe the most precious commodity in the world, and I think we should be investing heavily to make a lot more compute.

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Political scientist at the University of Chicago and the leading exponent of offensive realism; wrote The Tragedy of Great Power Politics.

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  Power is the currency of international relations, and states are driven above all to maximise how much of it they control.

  Their words

  I believe that power is the currency of international relations, and by that I mean that states are deeply interested in the balance of power and they're interested in maximizing how much power they control.

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