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Autonomy🪬: War or Warcraft?

🌞Bonjour🌞

US regulators are suing Alphabet again, Machu Picchu is off-limits, and the EU might avoid recession because of climate change. 

Trends🕺🏻

No more World of Warcraft in China (for now). The popular online game won’t be accessible to millions of users due to a dispute between its US creator, Blizzard, and its locally mandated partner, NetEase.

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Macro 🌐

The US has confronted China’s government with evidence that suggests some Chinese state-owned companies may be providing assistance for Russia’s war effort in Ukraine. (BBG)

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Economy 🧮

The topic of the Treasury minting a trillion dollar coin keeps popping up. In an interview with the WSJ that was published over the weekend, Yellen dismissed the idea of such a move to avoid default. (BBG)

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Big banks plan a digital wallet to rival Apple Pay as plastic-free payments take over. (RH)

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Autonomous Note 🧿: 

Virtual wallets are different than digital wallets. The banks want to compete with Apple Wallet and Paypal for fiat payments with virtual wallets. If you ask us, this strategy is a bit backward looking but Zelle does move more money than Venmo+Cash App combined. Banks are holding on for dear life as they try to affirm their ownership of payments, trading, and advisory flow. 

Meme Digestif ☕️

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