We’re back again after a fantastic Norwegian summer! Sadly a couple of you reported that the newsletter before the summer was added to spam. Likely because some of the headings were classic spam-bait. 😆🙈 If you want to avoid this going on, it could be wise to add this mail to your contact list so that it passes your spam filter.

What Apple have done is plant a seed — a seed of a question that will be watered millions of times a day by millions of people every time they pay with Apple’s BNPL product: ‘Why do I even need a bank at all?’

It’s nearly impossible to spend a billion dollars.“ I laughed at the ridiculousness of this statement, but he went on, doing the math in front of me to make his point. "The most expensive Gulfstream jet in the world is $65 million; a couple of very fancy houses will cost you $20 million, $30 million total; many of the highest-end cars are only a few hundred thousand dollars each. You’ve done all that and you’ve still got around $900 million or so left to spend.” I responded, “Well, you could just give it away to people and organizations in need.” “Ahh, but you can’t,” the man said to me. “Are you just going to hand it to someone and hope they do the right thing with it? You have to build entire infrastructures to give the money away.” He went on to explain that you need to hire legions of people, often hundreds, including teams of lawyers and tax lawyers, finance experts, project managers, communications staffers, and so on, to manage the distribution of the money.