By Patrick McKenzie. About the modern financial infrastructure that the world sits atop of.
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2024-07-31 23:00:00
Regulation-induced monocultures meet unfortunate but explicable engineering decisions.
2024-07-01 00:00:00
Title insurance is grossly overpriced relative to actual risks involved. Why is that?
2024-05-25 04:05:00
Ever transferred assets between brokerages? Impressive, terrifying machinations happened in the background. No cats were harmed.
2024-05-01 06:00:00
How digital wallets work, and how payment costs drive a lot of product decisions inside and around them.
2024-03-30 03:00:00
Credit card rewards are mostly funded out of interchange, a fee paid by businesses to accept cards.
2024-03-01 03:01:00
Ever wondered about what happens when banks are closed or why some apps have operating hours? It's fascinating.
2024-01-31 06:51:53
Check cashing, as a business, is a poorly understood "alternative" financial service.
2023-12-21 10:19:55
Payroll processors exist to provide financial infrastructure and because political economy is complicated.
2023-12-14 03:24:05
A lot of more modern financial infrastructure follows the paths blazed by checks, at least in the U.S.
2023-11-25 02:51:42
Jurisdictional gamesmanship is a common strategy for crypto businesses. Here is how it worked out for Binance and its CEO. Spoiler: poorly.
2023-11-08 01:58:39
The structural reasons why banks sometimes behave bizarrely in interactions with customers, like forgetting things which customers tell them.
2023-09-30 00:52:31
A review of Zeke Faux's Number Go Up, with some bonus commentary on financial journalism and Tether specifically.
2023-08-12 03:18:44
Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.
2023-06-17 00:46:49
A brief retrospective on an attractive product First Republic used to offer, and a wider discourse on the banking crisis.
2023-05-06 01:40:11
Many observe that banks seem to be blowing up due to predictable consequences of rising interest rates. How did we get here?