The Grey Swan Investment Fraternity now has members in over 28 countries! That’s not including members of our investor’s network, who also reach into countries such as Russia and China.
Thank you for being a member of our fraternity, and for helping expand the map. We look forward to updating it further!
Grey Swan Investment Fraternity member map as of 12/10/2024
December 18, 2025 • Addison Wiggin
In a healthy economy, production and consumption communicate constantly. If a company builds something useful, customers respond by buying it. If they overbuild, inventories pile up and prices fall, sending a signal to slow down.
AI infrastructure, by contrast, is being built largely on faith. Companies are scaling up compute power without clear signs of sustainable demand. Unlike oil and gas, where prices adjust second-by-second, AI companies operate in a fog. They release tools, collect usage stats, and hope that paid conversions will follow.
But hope is not a business model.
December 18, 2025 • Addison Wiggin
Six months ago — before the GENIUS Act was signed and before Washington put a nameplate on what had already begun — we were describing a slow rewiring of money.
For better or worse, we called it Dollar 2.0: the quiet migration of finance from paper promises and batch settlement to tokens, smart contracts, and ledgers that never sleep.
The name Dollar 2.0 is derived from the way Treasury Secretary Scott Bessent has been touting the stablecoin environment’s promise to create a larger global market for U.S. dollars and Treasurys.
December 18, 2025 • Addison Wiggin
The last 30 days have seen sharks (those with 100-1,000 BTC) and whales (1,000 BTC+) pick up over $23.3 billion in bitcoin.
If our Dollar 2.0 thesis is correct, it’s not actually easy to see why.
What’s seen: Congress passed laws to support stablecoin technology in time for America’s 250th anniversary next July.
What’s not seen: a 216-hour series of technical moves from November 22 to December 2, during which BlackRock, Vanguard, and Bank of America flipped switches that “captured” bitcoin into institutional-grade wrappers and distribution. JPMorgan followed up with a tokenized money market fund called MONEY on December 15.
December 17, 2025 • Addison Wiggin
The dollar-centric system and its bubbles may have given the U.S. economy a form of Dutch disease. This system has many rarely debated costs that go along with its benefits.
Deficit spending and stimulus inflated prices for stocks, real estate, and consumer goods. Trillions in savings remain in accounts from stimulus bills.
Without this spending, prices would be lower, a point lost on the Biden administration’s hyper-Keynesian economists, who never met a spending bill they did not cheer.
