A macro storytelling site · updated daily
Where does theDollar go?
Trace every dollar from the Fed printer to its final resting place. Eight live charts. Three deep questions. You decide.
Three questions, one site.
LongreadsQuestion 01
Is collapse structurally impossible?
If money has to go somewhere, can it ever leave the system? Spoiler: it's complicated.
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Question 02
Is the government backstopping the market?
What we can prove with public data — and what we can't.
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Question 03
What did the yen teach us in August 2024?
The day the world's biggest trade unwound in 72 hours.
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Eight charts. Live.
Methodology →The Firehose
Where do Fed-created dollars actually live?
M2 / S&P 500 Race
Has the stock market just been tracking M2 expansion?
Treasury Holders
Who actually owns the US national debt?
Yen Carry Live
How tight is the yen carry trade right now?
Trade Flows Globe
Where do US trade dollars actually flow?
Net Liquidity Stack
WALCL minus TGA minus RRP. Does it explain the S&P?
State Intervention Tracker
TGA draws, swap lines, SBR — receipts, not vibes.
Eurodollar Black Box
How big is the offshore dollar market — and where does stress show up first?
Updated daily
Public data. Reproducible. Source-cited.
Data ingested nightly from FRED, the US Treasury, BIS, BEA, BLS, the IMF, the CFTC, and the Bank of Japan. No paid sources. No proprietary feeds. All public, all reproducible.
- FRED
- US Treasury
- BIS
- BEA
- BLS
- IMF
- CFTC
- Bank of Japan
Cron schedule and per-source freshness are published on the methodology page.