Reserve currencies don't fall in revolutions. History shows that they thin at the margins until they cease to matter anymore. Grant Williams traces how the dollar's dominance, seemingly unshakeable, rests on a recycling mechanism that's quietly breaking down. Through the lens of sterling's invisible collapse after the Suez Crisis, he reveals the invisible mechanism through which reserve systems lose their centrality, not through visible crisis but through the redirection of capital that happens long before anyone notices.

Currencies shift through redirection over decades. Bretton Woods embedded the dollar after WWII. The Suez Crisis revealed Sterling's fragility in 1956. The global financial crisis planted doubts about dollar dominance in 2008. Russia's frozen reserves in 2022 confirmed what central banks already suspected. Grant Williams traces how this 80-year arc brought us here, and what happens next.

Prediction markets are having their moment, and simultaneously winning at the wrong thing. Mike Smith examines how these markets have recreated insider trading from first principles, abandoned any pretense of social utility, and are now optimized for bots, grift, and the 15-minute settlement that makes their operators rich. His answer to what prediction markets are actually forecasting for reveals something very uncomfortable about where capital markets are heading.

AI-generated content on Substack and Twitter is now indistinguishable from real writing, and detection tools are proving unreliable. Brent Donnelly argues for a radically human-centric approach: assume everything is AI until proven otherwise, then migrate back to actual gatekeepers who edit for clarity, accuracy, and truth.