June 13
Bitcoin is 63,656 | 9:40pm Friday
SpaceX (SPCX) shares opened at $150 and closed up nearly 19% at around $161
SpaceX’s IPO created 4,400 millionaires, according to the New York Times. Critics like Bernie Sanders, AOC, and Elizabeth Warren have created one each — themselves. | Insta
Musk chose to celebrate at the company's Starbase, Texas facility with around 5,000 supporters.
SpaceX was founded in 2002 by Elon Musk to revolutionize spaceflight and make it more affordable, with its first rocket, the Falcon 1, launching in 2006 and achieving orbit in 2008. "It is certainly hard to believe that little company that started in a warehouse in El Segundo is now going public with the largest IPO ever," Musk said during an opening ceremony
Elon Musk is a Genius, and a Litmus Test
People's reactions to him are diagnostic.
The Crisis at the Fed That No One Talks About
The Fed has lost hundreds of billions of dollars due to its huge interest rate risk position. This costly risk was established under the then-chairman, Ben Bernanke, who assured Congress it would be temporary. It wasn’t. It was continued under the regimes of Janet Yellen and Jerome Powell and remains embedded in the Fed’s balance sheet today, almost 18 years after Mr. Bernanke’s original gamble.
Tulsi Declassifies the US-Funded Biolab Files They Said Didn’t Exist
Not only did they lie, they threatened those who attempted to expose the truth. Dr. Anthony Fauci and the Biden administration’s national security team “lied to the American people about the existence” of the labs.
What does artificial intelligence (AI) actually do when it is put in charge? | Zero
The systems they chose are the ones now already woven into the fabric of our daily lives. Google’s Gemini, OpenAI’s GPT, xAI’s Grok, and Anthropic’s Claude. All models had the same rules and the same initial version of the same world, but the outcomes were all completely different. The town run by Grok collapsed within four days. Small incidents compounded into theft, then violence, and then total breakdown. Every resident was dead before the first week ended.
New Fed Chair Is Intentionally Silent | PWire
Warsh has strongly criticized Fed communications, saying they have led to policy errors and placed the Fed more at the center of market decisions and the economy than it should be. His plans for ‘regime change’ include a rethink of how the Fed forecasts and talks about its plans for monetary policy. That appears to include both quantity and frequency.
The SpaceX IPO Isn’t Overpriced. The Future Is Underpriced.
SpaceX Is a Generational Opportunity. SpaceX looks expensive because the market can't yet value the economy it's about to create. The market is going to spend the next few days asking whether SpaceX is worth $1.75 trillion today. That’s the wrong question. The right question is whether any other company on Earth is remotely positioned to own the transportation layer between this planet and the rest of an inhabited, productive, militarily contested Solar System.
John Thune's Real Constituents Don't Live in South Dakota | A.Muse
He is elected by the Senate Republican Conference, by secret ballot, by simple majority. With 53 Republican senators, the threshold is 27 votes. Those 27 colleagues hired Thune, and only those colleagues can fire him from the leadership. The conference that hired Thune by secret ballot can replace him by secret ballot, and the precedent is recent.
Debt Rattle
S&P Oil FX Gold 10Y CLZ6
Next week the Fed will decide on its policy rate on Chairman Warsh's first meeting.
US retail sales, trade terms, and industrial production will shape their economic calendar.
Email: wkidder42@gmail.com
Text: 1 646 257 2130
Voice: Use WhatsApp +1 646 257 2130 at 1:00 AM