1. Slow, Boring
Yesterday Paul Krugman taught me something I did not know: Dornbusch’s Law, which posits, “The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”1
This seems like a perfect description of how Donald Trump is doing catastrophic damage to America’s economic position, yet no one seems to notice.
Today I want to talk about two news stories that will seem—okay, that are—incredibly boring. But they’re important. They explain why the crisis will take longer to arrive than you think, while making clear that a crisis is coming.
Get yourself an espresso because we’re going to talk about currency and payment processing. Can you feel the excitement! 🙄
And look: I get it. This is not scintillating Orange Man Bad #content. It’s me force-feeding you spinach. But this is how I help us see around corners.