About the modern financial infrastructure that the world sits atop of.

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I write roughly biweekly on the intersection of tech, financial infrastructure, and systems thinking. It's free.

Recent editions of BAM

The Bond villain compliance strategy

Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out for Binance and its CEO. Spoiler: poorly.

Seeing like a Bank

The structural reasons why banks sometimes behave bizarrely in interactions with customers, like forgetting things which customers tell them.

A review of Number Go Up, on crypto shenanigans

A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether specifically.

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