Fly Charts: Taylor Rule Musings and Nintendo's Smartphone Problem
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And don't miss Stephen Gandel on the rapidly inflating bitcoin bubble: "Compared with other asset classes, like real estate or stocks, bitcoin is a pimple, which is why some people have convinced themselves that bitcoin can't be in a bubble. New York City real estate alone is worth more than $1 trillion. There is $8 trillion worth of gold in the world, nearly $15 trillion in Treasury bonds and more than $25 trillion in the U.S. stock market. Bitcoin's mere $100 billion, by comparison, is small.
But that's only part of the equation. New York City real estate is worth 10 times bitcoin, but it didn't pass the $100 billion mark, adjusted for inflation, until the late 1970s, or roughly 310 years after the territory was renamed after the Duke of York. U.S. auto sales didn't reach $100 billion for 60 years. Apple did it in a sprightly 31 years, but that was still four times slower than bitcoin, which clocked in at about seven years. But Apple, unlike bitcoin, produces significant earnings and holds $260 billion in actual cash."
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