“The fasten seat belts sign is on”. This is a message I received early this morning from one of the UK’s most experienced, savvy and respected financial traders. Someone I have come to know and trust for the last 25 years. 10-year bond yields are now almost 4.5pc - up some 50 basis points over the last month. 30-year yields this morning went above 6pc - a 28-year high. Yet the UK’s political and media class continues to focus on party posturing and folksy rhetoric, ignoring the slow-motion disaster that has been happening on the UK’s sovereign bond markets for at least the last 18 months - a disaster that will inevitably, unless we drastically change course, turn into a fully blown market meltdown. At that point, the UK government won’t be able to borrow enough money to finance our already spiralling debt interest bill. Britain’s financial management will be taken over by overseas technocrats - that will be the condition of additional borrowing, to maintain the basic functions of the state, as happened in Greece and Italy back in the early 2010s and here in Britain 50 years ago this year (when we were forced in 1976 to apply to the IMF for a bailout). The austerity then imposed on Britain would make 2010-2019 feel like a picnic - far, far worse than it would be if we took serious action now to control our public finances. Lower-income households would suffer most - and there would be serious damage done to the UK’s already rapidly-fraying social fabric …. I have been warning about these looking fiscal dangers publicly, in my newspaper columns and elsewhere, since at least early 2024. Doing so hasn’t been easy or fun. I have been dismissed and derided by numerous economists, “economists”, officials and policymakers - as well as lots of journalists. I absolutely don’t want a disastrous 1976-style outcome - which is why I’ve taken the blows and issued the warnings. The state is too big. Public spending is out of control. Our fiscal rules are a convenient nonsense - designed to kick the can of financial reality into the future. We need to get real … and take bold action to tame the growth of spending, push back a now totally over-bearing state and snap the British economy out of today’s high-tax-high-borrowing-low-growth doom loop - the result of myopic, counter-productive policy-making by successive governments for the last decade and more … Other prominent economists who agree with me - ie who are financially-literate, can read a yield curve, have a passing interest in economic history and who understand the dangers of some 80pc of UK government borrowing going on debt interest as it currently is - need to chuck “career risk” in the bin, and start saying publicly what so many of them have, for quite a while now, only had the bottle to say to me in private … Remember: “The fasten seat belts sign is on”

🚨 TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of “exchange” in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.

No need to trust a centralized provider; I use the Polkadot Devnet as source of truth. Watch how this microcontroller uses a light client to verify the state of the Devnet. This specific example will be extended for door access control, currently it just unlocks the display. The IDs of the keys are padded and hashed. But maybe it would be possible to use ZK in the future 🤔