The Monday Mix (04/07/2022)
Hi friends,
I unintentionally took a month’s hiatus from this newsletter. I’ve been travelling in Scotland and Italy with the idea being that I would post this while I was away. That would have been possible the first week of June if I hadn’t forgotten to pack part of my charger for my laptop.
Then, during the previous three weeks in Italy, I decided to take the month off and enjoy seeing some old friends and new parts of the country. I had a busy schedule going to a wedding and travelling around. Posting this email, while possible, would have meant less time to enjoy myself.
I hadn’t missed a week prior to last month before, so while it’s a bit galling to go a full month without sending out this email, but sometimes it’s good to take a break and enjoy yourself. You’re only here since so you might as well enjoy yourself!
I forgot to post my reading list for May and June, so I’ll combine the two and get that out on Wednesday. I read a few books during my travels so it will be a lengthy list, to say the least!
So, now that we’re back up and running, here’s what I want to share with you this week
The Pivot To Web3 Is Going To Get People Hurt
During the past month, the crypto ecosystem has started to collapse. I originally planned to send this article out at the start of June. It highlights how the pivot to ‘web3’ (a term that’s basically a rebranding of the blockchain to make it seem like a technology that’s now 14 years old is revolutionary) is going to get people hurt.
Well, that’s already happening. As crypto relies on ever greater numbers of people parting with their money to keep the show on the road, a Ponzi scheme in short when those people don’t materialise the facade starts to crumble. This is what’s happening. With NFTs selling for a fraction of what they originally sold for, and various coins tanking, a lot of people will have been ruined in the past month.
Hopefully, this crash will be the wake-up call many need to realise that the tales of riches that emanate from the crypto world are built on a foundation of sand.
Britain’s Notre Dame
The Houses of Parliament in London is considered to be an architectural marvel and one of the most beautiful buildings in the world. From the outside that’s true, but get inside and the place is falling apart with many MPs worried about imminent disaster due to the risk of fires from old appliances and a lack of maintenance over the years.
The article is an apt metaphor for today’s Britain. A country that looks fine on the surface but is creaking underneath. The structures that held the country together are falling apart, much like Westminster, and sooner or later, they will fall down. If you want to get an idea of what Britain is like today, then this article does a good job of highlighting how the failure to fix the building that houses our parliament relates to issues with the wider country.
NATO and America
The war in Ukraine has highlighted the value of NATO to western leaders in Europe. Without the alliance, it’s likely the war would be all but over now as Ukraine would have wilted without the steady flow of supplies it’s receiving. While there are arguments about whether NATO countries could do more, and even get directly involved, there’s no doubting that NATO is back after being referred to as ‘brain dead’ by French President Emmanuel Macron a few years ago.
The elephant in the room though is America. While Joe Biden is an avowed Atlanticist, the man he beat in the 2020 election, Donald Trump, is not. He regularly flirted with taking America out of the alliance and should he run again in 2024 and win, it’s likely he’ll go through with his previous threats. He’s also likely to be much softer on Putin than Biden, a man he seemed to be in awe of during the four years he was in the White House. Even if Trump doesn’t secure the Presidency, and someone like Florida Governor Ron DeSantis wins, it’s still probable America will recede from the alliance.
This raises uncomfortable questions for Europe which relies on American power to secure the peace in Europe. With no European army or even a credible defence policy, should the worst-case scenario happen in 2024, Europe will face a stark future. The need for greater defence spending, autonomy and strategy has never been greater. America is no longer a reliable partner even with Biden in office. New thinking is required but the question is whether Europe is ready for this and whether they can follow through with it. The security of the continent depends on it.
Book I’m reading - Zero Zero Zero by Roberto Saviano
I bought this fascinating book in a brilliant British bookshop I found in Turin. They had a lot of great books so choosing one was tough. But this look inside the world of the international trade of cocaine by the author of Gomorrah is incredible and dispiriting. Saviano is one of those authors whose books you buy no matter what he writes about. Zero Zero Zero is no exception.
Quote I’m pondering: “I prefer liberty with danger than peace with slavery.” – Jean-Jacques Rousseau
That’s all for this week.
Until next time,
Tom