Thursday morning news drop
Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’ No cryptocurrency investor has been spared the pain of plunging prices. But the fallout from more than $700 billion in losses is far from even. (New York Times)
A $2 Trillion Free-Fall Rattles Crypto to the Core A market that has gone through several major downdrafts in its short life may be facing its biggest test yet. (Bloomberg)
Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market Margin calls are coming for cryptocurrency miners as the bear market continues to claim victims. The private and publicly listed crypto miners have racked up debts anywhere between $2 billion to $4 billion to finance the construction of their gargantuan facilities across North America, according to data compiled by CoinDesk and industry participants. (Yahoo Finance)
The Decline of Fossil Fuels Is Going to Be Expensive Just because demand for gasoline is headed downward doesn’t mean prices will fall automatically. (Bloomberg)
Why You Might Buy Your Next Car Online Tesla shifted to selling cars entirely online in 2019. Now, some established automakers, like Ford, are talking about taking a similar approach. (New York Times)
The biggest myths about gas prices Making sense of the political theater over gas prices. (Vox)
The Rise and Precarious Reign of China’s Battery King Zeng Yuqun is China’s most prolific battery billionaire. His ascent has major implications for a world increasingly reliant on electric vehicles. (Wired)
Should we raise unemployment to fight inflation? No, we need to protect jobs: Summers is talking about 5.8 million to 15 million Americans reduced to joblessness in order to bring down inflation. (Los Angeles Times)
The postal service is already one of the US’s main abortion providers As some US states move to enforce bans on abortion, pills-by-mail will become a legal challenge as well as one of enforcement. While states can regulate access to health within their borders, they can’t regulate federal mail. And monitoring the contents of each of the millions of packages coursing through the national postal system is unrealistic in a post-pandemic world where healthcare has moved beyond brick-and-mortar clinics. (Quartz)
Formula One’s Sharpest Car Designer Is Also Its Master of Loopholes Faced with the most sweeping rule changes in a generation, Red Bull’s Adrian Newey is proving he can still dominate—and designing $6 million supercars on the side. (Wall Street Journal)