The Read Crypto News Analysis, 9.14.23: CPI, Gensler, Bitboy

Plus Mila Kunis and Ashton Kutcher's Worst Week Ever

In this edition:

• Inflation is Over If You Want It

• Gary Gensler’s Old Whine

• BitBoy Ground Under the Wheel of Cosmic Justice

• NFTs Can Be Securities if You Really Work At It

But first:

FTX Trial News Flash

A new Bloomberg feature out this morning dives into exactly how culpable Sam Bankman-Fried’s parents were for the catastrophe their son created. The answer, it seems, is extremely culpable. Alongside the leaders of the Effective Altruism con, the Bankman-Frieds senior (?) seem practically to have crafted their son into a criminal by connecting him to the many powerful and utterly immoral people at Stanford.

I will have much more to say about Stanford, and its status as a nexus between legalized financial fraud, the military-industrial complex, heinous right-wing eugenics, and neoliberal authoritarianism. Remember, this is the institution that produced not just Sam Bankman-Fried and Caroline Ellison, but also Do Kwon and Elizabeth Holmes … to say nothing of a university President who resigned over concerns he faked his research.

If this is a place that grants admission to America’s and the world’s elite, we are being sent a clear message, if we’re willing to hear it: Our elite is made up of criminals.

A Scheduling Note

One quick housekeeping note: As we iterate, I’m considering shifting to a Monday and Thursday biweekly schedule for analysis. If you have thoughts, let me know.

Now, here’s some news.

Literal Hollywood Rape Apologists Issued Unregistered Security

Inflation Was Transient, You Just Have a Shitty Attention Span

The Federal Reserve reported CPI on Wednesday and, unironically, everything is fine. There was a slight upward trend break thanks to higher gas prices, which accounted for a reported more than half of August’s 0.6% rise in the Consumer Price Index vs. July.

But Core inflation continued heading down, as it has been since mid-2022. And it will continue heading down: U.S. unemployment rose to 3.8% in August, from 3.5% in July, and the trend there is gently upwards. I feel constantly conflicted on the employment-vs.-inflation balancing act, but this seems like a good number to me (and I say that as one of the new August unemployed!). As long as we’re under 5% unemployment we’re not going to lose many of the structural advantages labor has gained over the past three years.

And on that note, yes, in my opinion this still qualifies as “transient” inflation.