The Money That Never Leaves the Room: How AI’s Circular Financing Revived a Warning Richard Cantillon Issued Three Hundred Years Ago

In September 2025, the chip company Nvidia announced that it would put as much as $100 billion into OpenAI. The pledge carried a condition that few headlines bothered to translate: OpenAI would spend a large share of the money leasing and buying Nvidia’s own processors to fill the data centers the investment was meant to build. Nvidia pays OpenAI. OpenAI pays Nvidia. The figure on the press release reads as growth. The mechanism underneath reads as a man moving a coin from his right pocket to his left and announcing that the household has grown richer.

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Backstage Collapsed: Universal Recording and the Architecture of Courtship

A panelist on a recent broadcast conversation made the following argument. Young people across the wealthy world are not having children. Before they do not have children, they do not date. Before they do not date, they do not interact at the dances, the parties, the mixers their parents and grandparents used as the primary infrastructure for finding mates. Even when they show up at such gatherings, they hold the wall, not approaching, not asking, not risking the awkward overture that has been the entry-cost of human pairing for as long as human pairing has been formalized into ritual occasions. The panelist asked why, and answered himself. They are afraid of being recorded. They are afraid that any silly thing they say or any failed dance step or any drunk confession will be filmed and uploaded and used against them by people they cannot identify in advance. So they withdraw. The species, the panelist concluded, cannot continue under such conditions, and the only available remedy is to restrict the technology that produced those conditions.

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Spain 2001: Day One of a Travelogue

On Friday, May 25, I left for a two week excursion in Spain. While I was there, I took a few notes.

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A Veritable Vacation

The traditional vacation, full of sight seeing and rushing around to tourist attractions may have its appeal to some, but to me, it’s a big headache that in the long run is not worth it.

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