#sovereign-debt — Wealth & Means

Episodes tagged #sovereign-debt on Wealth & Means.

The Map You Inherited — 2026-09-05
Almost nothing you believe about how the world is arranged was worked out by you. You inherited it — from a classroom, a textbook, a chart someone drew before you were born. And most of it was accurate once. That's the part that makes it dangerous. An assumption that was never true gets caught quickly. An assumption that used to be true can sit unexamined for decades, quietly diverging from the thing it describes, because nobody sends a notice when a drawing stops matching the ground. This week we found that gap in an unusual number of places. A cellular enzyme turned out to read an alphabet twice as long as the one all known life uses — meaning the limit everyone assumed was chemistry was closer to a default setting. A country that served for thirty years as the world's permanent exception to interest rates stopped being one, and its households noticed before most portfolios did. A government raided seventeen companies to protect an asset that doesn't appear on any balance sheet. And access to frontier computing became something you get free with dumplings. Our Greater Debate takes the idea to its most uncomfortable conclusion — who owns a state when yesterday's promises have already claimed tomorrow's taxes — and Let's Invent Again finds a man in eighteen eighty-eight who solved a problem everybody else had accepted, by noticing that the category itself had expired. The question worth carrying around isn't whether you're wrong. It's which of the things you're confident about were last checked by someone else, a long time ago.

#sovereign-debt — Wealth & Means

Episodes tagged #sovereign-debt on Wealth & Means.

The Map You Inherited — 2026-09-05
Almost nothing you believe about how the world is arranged was worked out by you. You inherited it — from a classroom, a textbook, a chart someone drew before you were born. And most of it was accurate once. That's the part that makes it dangerous. An assumption that was never true gets caught quickly. An assumption that used to be true can sit unexamined for decades, quietly diverging from the thing it describes, because nobody sends a notice when a drawing stops matching the ground. This week we found that gap in an unusual number of places. A cellular enzyme turned out to read an alphabet twice as long as the one all known life uses — meaning the limit everyone assumed was chemistry was closer to a default setting. A country that served for thirty years as the world's permanent exception to interest rates stopped being one, and its households noticed before most portfolios did. A government raided seventeen companies to protect an asset that doesn't appear on any balance sheet. And access to frontier computing became something you get free with dumplings. Our Greater Debate takes the idea to its most uncomfortable conclusion — who owns a state when yesterday's promises have already claimed tomorrow's taxes — and Let's Invent Again finds a man in eighteen eighty-eight who solved a problem everybody else had accepted, by noticing that the category itself had expired. The question worth carrying around isn't whether you're wrong. It's which of the things you're confident about were last checked by someone else, a long time ago.