Bitcoin: 21 Truths in 2026
The last time I wrote a Benchmark focused on Bitcoin was May 21, 2024, almost two years ago. In light of recent events, and the fact that many readers hold…
The Benchmark
A weekly letter on money, markets and history, for investors whose interest goes deeper than the share price.
Archive · page 3
1860s, 1940s, 2020s: It’s ‘Fourth Turning’ Season
Years ago, I worked with a fascinating independent economist. He cared little for mainstream thinking about markets, and had no company or department line to…
Unpacking the most politicized number in economics
Say you want to buy a new phone. An iPhone, to be exact. But you don’t know how much an iPhone costs.
The War on Cash: What’s really going on
On March 8, citizens of Switzerland voted to enshrine in the country’s constitution their right to use banknotes and coins.
Are you one of them?
Hey, Thom here — co-founder of Navexa. In 2024, I wrote 37 essays for a project we called The Benchmark.
Macro chokepoints: How geographical determinism quietly controls the economy
An NBC News headline this week reads: Here’s the crude oil chart so you can see the volatility the journalist refers to:
What if inflation is a feature, not a bug?
I’ve written recently about fiat currencies’ appalling failure rate throughout history, and how successive cuts between paper money and gold have marked…
Thomas Edison and Henry Ford invented Bitcoin 105 years ago?
In December 1921, two of the most influential technologists in history took a trip together. Thomas Edison and Henry Ford drove to Muscle Shoals, Alabama, to…
Ancient Rome, the JFK assassination, and abandoning the gold standard
Rare is the person who’s not seen the footage of John Fitzgerald Kennedy’s assassination in Dallas in 1963.
2025 Market Wrap: The Year In Receipts
Dear Reader, The scoreboard for 2025 is in. If you only read the headlines, you might think Nvidia and Bitcoin were the only games in town.
What if this time it's different?
What if this time, it is different? The most dangerous words in investing might hold the answer to why the financial world seems to be collapsing and booming…
What if this time it's different?
What if this time, it is different? The most dangerous words in investing might hold the answer to why the financial world seems to be collapsing and booming…
