Izabella Kaminska

Izabella Kaminska


Founder Editor of The Blind Spot @theblindsp0t + Senior Finance Editor POLITICO Europe. Former Editor of FT Alphaville. Fights for the human.

63980 followers  •  2430 follow  •    •   http://www.the-blindspot.com

What’s different between now and dotcom is that much of the unsustainable lending into the tech sector that normalised “bloat as a service” was juiced by govt support. Especially in the UK.

They’re trying to avoid Treasury fire sales.

@Grepsul  @robertshuwSVB  offered a whole package of one stop services to tech founders from payroll to wealth management and credit cards. On one hand this was good as assured low cost of funding and captured market. On other hand terrible concentration risk - that in some ways was Ponzi-esque

Something we have discussed A LOT on the Blind Spot: Why not rally domestic savers with a national savings product? Well, the message has finally sunk in. Also much better idea than a CBDC. cc @Grepsul 

How the scramble to save Silicon Valley Bank UK went down via @POLITICOEurope . (Includes an amazing detail about how UK tech leaders formed a 100+ member Whatsapp group to better organise their case for a rescue.)

This was me writing about the upcoming NIM reversal problem back in 2016

This was when we first started talking about the prospect of unwinding QE and tightening back in 2016…

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Paypal is the proto stablecoin/MMF/shadow bank. In April 2022 I flagged that its business model relied on interest rate arbitrage, which made it sensitive to interest rate hikes, especially on the assets it was holding as available for sale but hoping to …

One of the other key points with respect to Paypal is that the company does not pay out interest to depositors, which during zero rates wasn't that notable. But as interest rates rise, customers might become more sensitive to the opportunity cost. This could impact float.

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THREAD: I still can’t believe that what has happened to gilts has been framed so brazenly by the mainstream UK press as being a function of Brexit. Whatever your position on Brexit, if you endorse this framing you are an absolute disinfo agent.

Bitcoin conference stops accepting bitcoin for tickets because turns out bitcoin is a rubbish payment system.

Liz Truss’ greatest mistake IMHO was mistakingly thinking the office of British PM still held any power whatsoever. It clearly doesn’t. And that to me is a much bigger tragedy than any market wobble. Because it means the British political system has been usurped.

Unlike the outraged media consensus, I will be buying an $8 verification. I personally don’t believe a free speech public square should be funded by a handful of large corporate advertisers who then get to dictate what is and isn’t permissible to say on the platform.

I hope this is the point people realise that 99.9% of crypto and blockchain are total utter bullshit that do absolutely nothing technologically to reduce the need for trust in financial intermediaries. After all this becomes self-evident the only residue will be a CBDC.

Look, all I’m saying is that a private jet ban is the sort of radical environmental measure that 99.99999% of the world could easily get behind. And brings many unintended benefits: 1) no more davos 2) less contraband smuggling 3) Kardashian immobilisation.

THREAD 🧵 I see CBDCs are trending again, so I thought I would offer some insight and context to the whole story. How did this idea even come about? What are they good for? Are you getting the full picture? (I will probably keep adding to this thread as things evolve.)

THREAD: I’ve been reading this 1933 book by the FT’s former Lombard columnist Paul Einzig. While everyone is calling Truss’ economic plan Reaganomics, I have to controversially disagree and call it Mussolini-omics.

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There are 87,146 thought leaders on LinkedIn. Just saying.

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