In the Hedgehog Review, Alan Jacobs describes the potential for “A New Guild System”: I envision a world in which the increased fragmentation of our media scene—fragmentation created by institutions that have lost their sense of purpose and individuals who have lost trust in those institutions—leads, over time, to the rise of new institutions that are built on stronger foundations. Micro.blog is certainly part of this new-institution-building. And many developments in web3 seem dedicated to the same purposes: distributing political & economic power in new ways; thinking through what institutions could look like if organized differently—in more distributed, bottom-up forms.

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Bitcoin and the U.S. Fiscal Reckoning - National Affairs Until and unless Congress reduces the trajectory of the federal debt, U.S. monetary policy has entered a vicious cycle from which there is no obvious escape. The rising debt requires the Treasury Department to issue an ever-greater quantity of Treasury bonds, but market demand for these bonds cannot keep up with their increasing supply. In an effort to avoid a spike in interest rates, the Fed will need to print new U.

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