Has Vaguard opened to BTC ETFs yet?

For those interested, did an interview on The Covered Call Podcast. Had a very enjoyable chat.

How can anyone take this seriously. The Council on Foreign Relations lecturing the world that it needs protection from Chinese economic coercion? Cc: @gladstein for your amusement.

China Morning Missive China took decisive action to formally restrict exports to the US of key rare minerals. The move came in response to the latest American decision to further limit China’s ability to access semi-conductor related technology. What is notable is the speed to which China responded. It’s as though a contingency plan had been put in place in advance. I’d have to say that would be the most likely scenario. This then calls into question to what degree, exactly, there is any real ability for America to move on China unilaterally heading into Trump 2.0. China doesn’t just dominate the market for rare minerals. Do a deep dive, as just one example, into the Chinese global market share of active pharmaceutical ingredients. The rules of the game today are very different than what was played back in 2017/2018. It is always foolish to both overestimate and underestimate China. This holds true even more so today, and American policy makers need to consider China’s ability to respond to any trade actions taken.

China Evening Missive There is weakness throughout the Chinese economy. This is the outcome when a nation-state makes the cognizant choice to aggressively deleverage system wide. You’ll see headlines discussing deflation and imploding rates. This is nothing more than a system returning to its natural state. When Xi Jinping stated that people would need to “eat bitterness” he wasn’t making the statement callously. It was a necessary message and a reflection of a politician being honest with the citizens. Pain will remain so long as China continues down the deleveraging path. There is no certainty of success mind you, but if Xi and his team are able to thread the needle then China will have the economic foundation to rise to the next level. Again, success is by no means a certainty.

China Morning Missive This is a battle long lost. China has spent decades building relationships throughout Africa. President Biden is making his first trip. There is also the joke that when the Chinese come to Africa they come with investments for roads, schools, hospitals, etc. When the Americans come to Africa they come with a lecture…..

China Morning Missive This is the sort of internal issue facing America as it looks to find a way to reshore manufacturing. So many obstacles built up over the past 40 years will make competing with China all the more difficult. The litigious nature of America society is perhaps one of the more serious and also one that is hardly ever discussed.

Trump choosing violence such as this isn’t much of a surprise. What this sort of message does though is singular. It’ll drive more nations into the arms of China. The Global South doesn’t want to fight. As a group, they are looking for fairness and the American led “rules based order” isn’t fair by any stretch of the imagination. China will reap the rewards of this unnecessary blunder.

Given that past is prologue, expect fuckery in price action during this week. Low volume American Thanksgiving week.

Pay attention. There’s a rather big meeting among #China’s leadership this week and will conclude on the 8th. Expect blaring headlines of some massive “stimulus”. Upwards of Rmb10tr. Also note, however, that this isn’t actually stimulus. Whatever number is announced, assuming there is one, will be for funds applied to (1) a bank recapitalization program and (2) expanding the debt swap program among local governments. This provides net zero economic support. Deleveraging remains the priority even if one type of debt is being recirculated into a new type of debt.

CNBC

China gears up for a big week as markets await U.S. elections and stimulus details

The size of China's highly anticipated stimulus plans will likely depend on the outcome of the U.S. presidential election, analysts say.