Surviving Bondholders,

Our world continues to test us. We could say the money doesn't matter now, or that it’s the only thing that still does. We know this is up to us. Currency continues to be a touchstone – a point of reference between strangers, in support of friends, and, in rougher cases, along axes of coercion. The currency you hold is dispatched with love, but also there are macroeconomic reasons.

Our 2022 September 11th note features a familiar sight from the news: the tower of the Mar-a-Lago country club in Florida, a magnet for those who wish to curry favor with former President Trump and also investigators from the National Archives. President Trump’s Florida club is paired with the remains of the Yekaterinburg TV tower - a 360m tower in Russia which, until its demolition in 2018, attracted thrill-seekers and suicides. You may feel, at times, as one of those tower visitors on the edge. The Reserve will be there – holding your accounts while you do your reckoning.