Summary:
Justin Sun, founder of Tron, becomes the Prime Minister of Liberland using blockchain technology.
California's fast food minimum wage increase shows no adverse economic effects.
Ryan Salame, former FTX co-CEO, begins his federal prison sentence.
Hurricane Milton complicates the Fed's economic data and policy decisions.
Liberland continues to see cryptocurrency entrepreneurs gain political power.
HERE’S WHAT YOU NEED TO KNOW
California raised the fast food minimum wage and the sky remained skyward. The state said that fears of mass layoffs and massive inflation didn’t pan out.
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California's new $20 minimum wage for fast food workers didn't cost jobs, study says.
Here’s a LinkedIn update for the record books. Ryan Salame, the former co-CEO of FTX Digital Markets, used the social media platform to announce the start of his federal prison sentence.
Airbus is flying low these days. The French planemaker announced another month of disappointing delivery numbers.
AMD is tired of living in Nvidia’s computer chip shadow. It’s making a claim on what it believes will soon be a $500 billion market for AI data center tech.
Donald Trump wants to cut taxes for Americans who don’t live in America. The Republican presidential nominee announced a vague proposal regarding income earned abroad.
Hurricane Milton rains on the Fed’s parade
Besides the widespread devastation left in its wake, Hurricane Milton will further complicate the Fed’s attempt at a soft policy landing. It and Hurricane Helene are going to muddy economic data for months to come.
The data that the central bank uses to make all sorts of decisions about the economy will be distorted as people recover. It will be hard to separate a temporary impact from broader shifts.
Quartz’s Rocio Fabbro breaks down the monetary policy impact of an already busy hurricane season and the problems it poses for those setting interest rates.
A decentralization dynasty on the Danube
A very, very small country in Eastern Europe just used blockchain technology to elect a controversial cryptocurrency entrepreneur to lead its Congress. Tron founder Justin Sun is the legislative body’s new Speaker in Liberland.
Sun’s election, which also led to him being named prime minister, is the latest in a series of cryptocurrency figures ascending to powerful positions in the tiny nation wedged between Croatia and Serbia. Despite an ongoing lawsuit against Sun from the Securities and Exchange Commission, Liberland president Vít Jedlička thinks he’s the right person for the job.
What is Liberland and what is going on there? Quartz’s Vinamrata Chaturvedi explains the country’s latest political development.
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