Two Things Can Be True At The Same Time March 2, 2026 For example: A.I. is little short of a miracle, infinitely useful. A godsend. <– True. A.I. will cause massive disruption, if not worse. <– Also true. (See below.) Or: The Trump regime is making us healthier. True, if you look solely at their encouragement of exercise and weight loss. The Trump regime is bringing back measles and has devastated medical research and slashed health care funding. Even more true (and a million times more important). And: Trump’s aggression may have wonderful results for Venezuelans, Cubans, and Iranians and maybe even for us, the Middle East, and the rest of the world. I certainly hope so. It’s great that the terrorism of Iran, Hamas, Hezbollah, and the Houthis has been dealt such a blow. Also true: Even if his actions do have wonderful results — and they may not — they are the actions of a dictator, not a president constrained by the rule of law and the Constitution. “He alone can fix it!” All hail! Gladiators on the South Lawn for his birthday! His face everywhere! It’s intoxicating. He’s the king of the world! (5 seconds) It’s exhilarating! (30 seconds). It’s not going to end well for him. Join Indivisible. Invite friend to join you for No Kings #3 March 28. Support the opposition. AI COLLAPSES THE ECONOMY Jack Dorsey writes to his 10,000 employees, 4,o00 of whom he’s letting go): today we’re making one of the hardest decisions in the history of our company: we’re reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i’ll be straight about what’s happening, why, and what it means for everyone. first off, if you’re one of the people affected, you’ll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you’re being asked to leave, entering consultation, or asked to stay. we’re not making this decision because we’re in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we’re already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that’s accelerating rapidly. i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i’d rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures. a decision at this scale carries risk. but so does standing still. we’ve done a full review to determine the roles and people we require to reliably grow the business from here, and we’ve pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we’ve built in flexibility to account for that, and do the right thing for our customers. we’re not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i’ll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i’d rather it feel awkward and human than efficient and cold. to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that’s a fact that i’ll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward. to those staying…i made this decision, and i’ll own it. what i’m asking of you is to build with me. we’re going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we’re going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that’s what i’m focused on now. expect a note from me tomorrow. jack HOW IT MIGHT LOOK IN 2028 A Thought Exercise in Financial History, from the Future by Citrini Research and Alap Shah Feb. 22, 2026 What if our AI bullishness continues to be right…and what if that’s actually bearish? What follows is a scenario, not a prediction. This isn’t bear porn or AI doomer fan-fiction. The sole intent of this piece is modeling a scenario that’s been relatively underexplored. . . . Hopefully, reading this leaves you more prepared for potential left tail risks as AI makes the economy increasingly weird. This is the Citrini Research Macro Memo from June 2028, detailing the progression and fallout of the Global Intelligence Crisis: The Consequences of Abundant Intelligence February 22nd, 2026 June 30th, 2028 The unemployment rate printed 10.2% this morning, a 0.3% upside surprise. The market sold off 2% on the number, bringing the cumulative drawdown in the S&P to 38% from its October 2026 highs. Traders have grown numb. Six months ago, a print like this would have triggered a circuit breaker. Two years. That’s all it took to get from “contained” and “sector-specific” to an economy that no longer resembles the one any of us grew up in. This quarter’s macro memo is our attempt to reconstruct the sequence – a post-mortem on the pre-crisis economy. The euphoria was palpable. By October 2026, the S&P 500 flirted with 8000, the Nasdaq broke above 30k. The initial wave of layoffs due to human obsolescence began in early 2026, and they did exactly what layoffs are supposed to. Margins expanded, earnings beat, stocks rallied. Record-setting corporate profits were funneled right back into AI compute. The headline numbers were still great. Nominal GDP repeatedly printed mid-to-high single-digit annualized growth. Productivity was booming. Real output per hour rose at rates not seen since the 1950s, driven by AI agents that don’t sleep, take sick days or require health insurance. The owners of compute saw their wealth explode as labor costs vanished. Meanwhile, real wage growth collapsed. Despite the administration’s repeated boasts of record productivity, white-collar workers lost jobs to machines and were forced into lower-paying roles. When cracks began appearing in the consumer economy, economic pundits popularized the phrase “Ghost GDP”: output that shows up in the national accounts but never circulates through the real economy. In every way AI was exceeding expectations, and the market was AI. The only problem…the economy was not. . . . It goes on at length from there. How is humanity going to organize itself to harness all that’s good about A.I. without its destroying us? Should this be left to the Epstein class and Elon Musk to decide?