This is by some distance the best thing I've seen about the effects, good and bad, of using AI in a large and complex organisation

What do they think this is, an App store?

"Physics doesn’t offer bulk discounts."

Is the collapse of First Brands Group an “Enron moment” for the private credit market? I thought it was worth speaking to an expert to get an answer. So I rang Jim Chanos. The legendary short seller had some sharp words about the “magical machine” fuelling Wall Street’s debt boom on.ft.com/4nvwlx3

Dear Lord, it’s actually worse than the extract @stephenkb.bsky.social shared. Quite a lot worse.

In March of 1945, the US Army issued this "fact sheet" to guide conversations with soldiers on the topic of fascism, paying particular attention to the ongoing threat that domestic fascist movements posed to the US. Their analysis of what a homegrown US fascism would look like is interesting.

The second fascistic tactic to look out for is anyone who tries to amp up nationalistic animosities toward other nations or peoples, framing attempts to foster international cooperation as forms of weakness. The idea that all humans share the earth as equals is anathema to fascists.

The natural weathering of ALL THE ROCKS in the world removes almost 1 billion tonnes of CO₂ from the atmosphere every year. Enhanced rock weathering is an attempt to use a minuscule fraction of ALL THE ROCKS to remove many times more CO₂.

The AI capex endgame is approaching - the always excellent @ianrharnett.bsky.social here on the AI bubble and how it is likely to burst. This chart from @raydouglas.bsky.social in the column underlines the risks www.ft.com/content/c7b9...

From terrorism to Tennyson - and the journey of a lone wolf across Europe and more …. a broad inspiring range of subjects on the shortlist for this year’s Baillie Gifford Prize. Our FT report (with links on to our reviews) on.ft.com/4o0J8HV

Actual numbers are in: Tesla delivered 497,099 cars in Q3. My estimate was 3.2% too low, while the analyst consensus missed by 10.9%. My Estimate: 481,000 My Error (units): -16,099 My Error (%): -3.2% Analyst Consensus: 443,079 Consensus Error (units): -54,020 Consensus Error (%): -10.9%

Armed federal agents in military fatigues busted down their doors overnight, pulling men, women and children from their apartments, some of them naked, residents and witnesses said. Agents approached or entered nearly every apartment in the 5-story building, and US citizens were among those detained

"I shouldn’t have to say this, but I’m, like, a professional comedian; I speak truth to power. Unless, of course, that ‘power’ is gonna murder me for speaking ‘truth,’ obviously."

What DHS pulled in Chicago on Tuesday is wildly unconstitutional. They smashed down almost every door in the building, dragged entire families into the street, and detained people for hours ("Kavanaugh stops"). Ms. Fisher was held for five hours and another senior citizen was held for three hours.

I get philosophical about hedge fund careers, and suggest that sometimes the office politics might be simpler than it looks.

🧵

On National Poetry Day, the greatest poem I have ever read

Just gonna keep tapping the sign* *𝘵𝘩𝘦 𝘴𝘪𝘨𝘯 𝘪𝘴 𝘵𝘩𝘦 𝘋𝘦𝘤𝘭𝘢𝘳𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘐𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘤𝘦

UNICEF global spokesperson testifying from Gaza after witnessing so many children bombed and shot down by the Israelis. He’s clearly overwhelmed by the amount of injured or dead children. Obvious CW here. Full video here www.instagram.com/reel/DPOyh52...

Is the 79-year old president ok?

JUST IN: A U.S. citizen from Alabama who has been detained twice by ICE while working at a construction site, has filed a class action suit claiming ICE's broad warrantless arrest powers violate the constitution. storage.courtlistener.com/recap/gov.us...

NEW: turns out the EU helped finance a bunch of spyware companies with..public money. Extremely bad look. Group of MEPs calls for action.👇 apache.be/2025/10/01/e...

Trump to a room of generals: "I've never walked into a room so silent before. Just have a good time. And if you want to applaud, you applaud."

One of the most successful analysts I ever saw in action started every post-results comment to the trading floor with "As I accurately predicted..."

That rare thing, a fraudster convicted!

"AI is the asbestos we are shoveling into the walls of our society and our descendants will be digging it out for generations..."

Justice Kavanaugh: “If the person is a U. S. citizen or otherwise lawfully in the United States, that individual will be free to go after the brief encounter.”

In my History & Film classes I talk about the Robin Hood paradigm, where new RH movies/shows come out during times of economic crisis & government mistrust, and Law & Order-type shows in times of prosperity. If L&O is framing ICE as Bad Guys rather than Good Cops, nobody thinks they're the heroes.

Org-chart of the week: on.ft.com/4gHkxoU

Canary in the private credit coal mine, which follows FT reports of the group's off-balance sheet funding arrangements

Gallup poll finds 79% of US adults consider immigration good for the country!

Ukraine's attacks on fossil fuel's infrastructure appear to be working as intended. See also this on the strategic imperative for a distributed green energy grid.

The AfD qualified for three mayoral run-offs in cities in North Rhine-Westphalia today, and lost all by big margins. The lesson is not that we have overdone the AfD's rise, but that we do perhaps sometimes underestimate the counter-mobilisation effects - including in east Germany, incidentally.

again struck by the high level of literacy and analysis. he's going over some pretty obscure history but not talking down to the viewer either

The interesting opposite of this is General Kurt von Hammerstein-Equord. Post-WW1 titan of the German army. Who Hitler DESPERATELY courted. von Hammerstein is one of only 3 figures believed to have told Hitler to fuck off to his face. He even thwarted Nazi attempts to politicize his own death. /1 🧵

Creating an ID system in the UK right now, amid anti-immigrant hysteria as part of a pledge specifically to target immigrants, is simply not the same as the complex legal and social history of ie German ID cards.

Four reporters per day, on any sort of normal working pattern

"on a technicality" Not really. A failure to get necessary consents to a terror charge is not a slight error. They are safeguards when a person faces a serious charge. Prosecutors should take such safeguards seriously: this is terrorism law they are using. www.theguardian.com/music/2025/s...

Today's must read is the FT investigation from @helenwarrell.bsky.social into the covert Russian Military unit probing UK infrastructure vulnerabilities, the equally clandestine Nato response, and the threats to Ireland as Europe's neutral soft underbelly.

Is this because companies let fewer analysts speak?

It's weird - but now in Oslo, there's so many EVs that you notice the noise and the smell from individual ICE cars, and you realise how much we've been normalising it for ever. You can smell them half a street away. And inside parking lots are just *quiet*.

Jack Goldsmith, who tried to force Dick Cheney to stop torturing people: "Even without direct involvement, however, hands can become dirty." executivefunctions.substack.com/p/how-should...

And a very good morning to Henry James O'Sullivan, who has been found guilty for his role forging documents in the Wirecard fraud!

"I'm invoking my Fifth Amendment right not to testify."

+1

"Our warriors" is some unusual language for the Armed Forces from Keir Starmer

faintly ridiculous that @timharford.ft.com has to spend his time pointing out the obvious, but here we are on.ft.com/3VWYtgs

The coffee will be hot, the toilets are for everyone...

imagine getting qt dunked by ed davey. unrecoverable. you’re furious and he is serenely going down a log flume in bognor regis.