Things we are reading today - June 16th, 2023

Short seller Marc Cohodes has now set his sights on Tether after Silvergate and Signature Bank. Cohodes has a history of making successful predictions, including calling the US regional banking crisis and trouble at Binance. He has now bet against Tether, claiming that it is the next domino to fall. Tether, a cryptocurrency that is pegged to the US dollar, has come under scrutiny for its $82 billion investment portfolio. While Tether claims to have conservative investments, hedge funds are questioning the amount of risk involved in this portfolio.

According to a recent article from CoinDesk, cryptocurrency trading volumes have dropped to yearly lows in Q2, with market makers scaling back on trading activities. This decline in trading volumes comes amid a broader market slowdown in the crypto industry, which has seen the value of many cryptocurrencies decline over the past few months. However, it’s worth noting that this doesn’t necessarily indicate a long-term trend, as trading volumes in the crypto market can be volatile and fluctuate rapidly over time.

Google has reversed its previously flexible remote work policy and is now doubling down on in-person work. The company’s HR chief has announced that Google will be cracking down on employees who are not adhering to the new hybrid work schedule. This is a significant shift from the company’s previously soft hybrid policies and marks a reversal in its stance on remote work. The move is ironic given that Google is one of the companies that has greatly benefited from the rise of remote work and the tools that facilitate it. The article also highlights the broader trend of companies moving away from remote work and towards in-person work, citing concerns about collaboration and innovation. This shift has significant implications for the future of work and the balance between work and personal life.

The code translator developed by OpenAI has the ability to automate many of the processes now performed by humans, revolutionizing the financial sector. The code interpreter outperforms earlier AI technologies because it is more accurate and efficient in turning data inputs into outputs. The author points out that a lot of businesses, including their own, are looking into using AI to cut costs, and that code interpreters will probably be used more frequently in the future. Despite the fact that this technology has a lot of potential advantages it’s full potential has not yet been realised, and there are still some worries about how it can affect jobs in the finance sector.

The wealth of Washington State’s wealthiest citizens was found to be much more than what tax collectors had previously predicted. The state Supreme Court stated that the capital gains tax, which was implemented in 2021 taxes the activities of extreme wealth rather than the wealth itself. This tax, which targets people who have made substantial profits from investments and other financial activities, is Washington State’s first levy against wealth activity. Such wealth-related taxes are necessary to promote social justice and make sure that the richest people are paying their fair share of taxes.