"ESG investing" in its current form is similar to people who take selfies of themselves in fancy locations to show they were there, while barely experiencing it for real.

Mostly theater, little substance.
The modern financial system is based on the premise of constant (and relatively smooth) growth indefinitely, including persistent credit growth.

War and commodity shortages threaten the whole model.

🧵
Every yield curve "situation" has a series of people explaining why the yield curve doesn't matter this time, or arguing over which specific yield curve to care about.

See thread and charts below.
Stablecoins will become increasingly regulated, only allowed to hold nominally risk-free assets, if they want to connect to regulated, legal institutions.

This includes cash and Treasuries. As such, stablecoins are a way to monetize Treasuries.
In other words, if stablecoins are backed in part by Treasuries, and the stablecoin market cap continues to grow, this is a new source of demand for US government debt.

Cash and Treasuries of various durations get mixed together in a basket, blurring the line between them.
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