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This week's episode is probably the most profoundly ridiculous exercise in hyperbole ever attempted. The boys are sensing a regime shift. Volatility is like a prolonged period of high pressure in the atmosphere. Hedge fund types gunned it for all it was worth. Leverage, concentrated portfolios, lies and misdemeanours, they raked up huge profits and made themselves into billionaires many times over. 
But the times, they are a changing. Risk-less businesses are been revealed as risky. One by one, these feted masters of the universe are coming unstuck. We discuss. 
But we end on a deep dive into the theory of money. With US GDP contracting just as the Fed has committed itself to an aggressive hiking sequence of higher rates, we examine why they always seem so blind to events in the real world. Hiking during a depression has never worked. 
We've had four such calamities: 1830-1900, 1873 to 1900, 1930 to the onset of WWII and ever since 2008. They all ended with innovations: the railroads and the discovery of Californian gold, the chemical revolution of leaching that opened up the enormous S African gold supply and the mass adoption of telephony that facilitated  correspondent and then eurodollar banking.
At each turn, the free world attempted to rid itself of tyranny. First we removed monarchs and kleptocracies from their nasty habit of specie clipping, then we successively removed governments from money printing. One hundred years since the introduction of the land line, does bitcoin offer the prospect of removing the banks from money? It's a tantalising prospect and it goes far to explain why the Feds are hopeless with money and hence the economy. Truth be told, they're no longer active in the domain of money creation.

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