Hello reader,

This is a break from our regularly scheduled programming to celebrate one month of publication. I’ve been so, so thrilled with the response. As of writing this I have 2250 free email sign ups and a very substantial number of paid subscribers (I will be keeping this number confidential as it is obviously my income). I, in fact, hit another paid subscriber milestone this morning. I’ve been so totally overwhelmed with the amount of support I’ve gotten over the past month and can fully commit to doing this as a full time job from now on.

I’ve gotten an absurd amount of mainstream press coverage as well. I was on the Bloomberg television show “”What’d You Miss?”. You can hear the audio from their weekly round up podcast here. I was quoted in two Bloomberg articles. One by Luke Kawa and the other by Matt Levine this week, who engaged in detail with my argument for suspending buybacks and dividends during the Coronavirus crisis. I was quoted in Fortune Magazine discussing the Trillion Dollar Platinum Coin. Dave Dayen quoted me in his newsletter for the American Prospect on the accounting gimmick in the CARES Act. John Cassidy cited me in his New Yorker newsletter on Federal Reserve crisis facilities. Last, but not least, Jeff Spross quoted me in The Week.

Most Crazily to me, my proposal for central bank swap lines provided to the IMF made it into former British Prime Minister Gordon Brown’s letter- along with dozens of former world leaders- to the G20. The substack got its first academic citation by Professor Mehrsa Baradaran in a paper on rethinking financial inclusion. I also got cited in a letter to Federal Reserve Chairman Powell by congressman Bill Pascrell Jr. I also got an enormous and overwhelming amount of praise on twitter. I don’t think I captured it all, but here is quite a lot of the most notable praise:

Alexandra Scaggs @alexandrascaggs

Some nice perspective from @NathanTankus about where we were before the pandemic Were We Heading to a Recession Anyway?Nonathantankus.substack.com

March 21st 2020

17 Retweets52 Likes

David Andolfatto @dandolfa

Can't follow what's happening in monetary policy? Then follow @NathanTankus 👇

Nathan Tankus @NathanTankus

Up now, I have a (very long) guide to the Federal Reserve's crisis actions up until last week. It's very detailed but I wanted to make sure to go through them step by step. Hope to do more explainers on each topic mentioned in the future! https://t.co/KENol5SD6A

March 25th 2020

11 Retweets44 Likes

Joe Weisenthal @TheStalwart

This is phenomenal, from @NathanTankus, explaining every action the Fed has taken so far to fight this crisis. I'd venture to guess there are less than 5 people on here who know how the monetary system works at the level he does. Must read The Federal Reserve’s Coronavirus Crisis Actions, Explained (Part 1)Everything Up Until Last Fridaynathantankus.substack.com

March 25th 2020

62 Retweets250 Likes

Joe Weisenthal @TheStalwart

I'm gonna say it again, but there's nobody writing about the Fed with the level of operational granularity and clarity right now as @NathanTankus. Read Part II in his series to understand the actions the Fed has taken so far to address this crisis. The Federal Reserve’s Coronavirus Crisis Actions, Explained (Part 2)Here comes the corporate debt purchasesnathantankus.substack.com

March 27th 2020

61 Retweets202 Likes

Jon Sindreu @jonsindreu

If you haven't yet, you should read this great series of explainers about the Fed's emergency operations.

Nathan Tankus @NathanTankus

Up now, Part 3 of my ongoing series on the Federal Reserve's Coronavirus interventions. This one focuses on the Federal Reserve's international actions (read Central Bank Liquidity Swap Lines). Give it a read and then take out a paid subscription :) https://t.co/1btDcHOScr

March 30th 2020

5 Retweets6 Likes

Zach Carter @zachdcarter

The Fed is complex and opaque. @NathanTankus is straightforward and clear. His recent work breaking down the Fed's operations is essential. The Federal Reserve’s Coronavirus Crisis Actions, Explained (Part 3)The International Aspectsnathantankus.substack.com

March 30th 2020

31 Retweets63 Likes

David Stein @DavidpStein

@NathanTankus If I were a book editor or agent I’d be getting @NathanTankus to turn these pieces into a book asap.

April 1st 2020

3 Retweets14 Likes

Matthew C. Klein @M_C_Klein

"What has happened is a collapse in demand and thus income for small businesses. Piling on debt (and reducing financial net worth) is better than total collapse but..." nathantankus.substack.com/p/the-big-unan… <-- sharp analysis from @NathanTankusThe Big Unanswered Questions about the Federal Reserve’s Coronavirus ResponseWhat We Simply Do Not Knownathantankus.substack.com

April 2nd 2020

10 Retweets23 Likes

A special note that Bharat was subsequently appointed to the Oversight Council of the CARES act.

Bharat Ramamurti @BharatRamamurti

Highly recommend this series of posts.

Nathan Tankus @NathanTankus

ICYMI, I've started an open ended series covering each new significant announcement about the Federal Reserve on its response to the Coronavirus depression. Part 1 deals with the early responses to backstop liquidity in financial markets. https://t.co/KENol5SD6A

April 5th 2020

15 Retweets38 Likes

Dow @mark_dow

Finally got around to reading @NathanTankus's 3 posts on Fed crisis actions so far. Excellent, excellent stuff. If you want to 'get' the Fed & underlying mechanics--and most ppl don't--all 3 are must reads. nathantankus.substack.com/p/the-federal-… nathantankus.substack.com/p/the-federal-… The Federal Reserve’s Coronavirus Crisis Actions, Explained (Part 3)The International Aspectsnathantankus.substack.com

April 6th 2020

24 Retweets94 Likes

Stephanie Kelton @StephanieKelton

I did miss it. Another great read!

Nathan Tankus @NathanTankus

ICYMI I wrote today about a number of different ways of approaching the "payfor" question about the war against the Coronavirus- and associated depression. https://t.co/TlyU2fKAQ9

April 8th 2020

8 Retweets31 Likes

Conor Sen @conorsen

Waiting for @pearkes or @NathanTankus to explain all this new Fed stuff.

April 9th 2020

3 Likes

Chris Arnade 🐢 @Chris_arnade

You can go to grad school and take boring seminar in "The Fed and central banking in the modern era", or you can read Nathan's pieces, learn more, and not be bored.

Nathan Tankus @NathanTankus

Finally out, my long breakdown of the Fed's Thursday announcement. Muni purchases are finally here!... but they're not great as presently structured. https://t.co/MfWVITt61f

April 12th 2020

11 Retweets90 Likes

Myles Udland @MylesUdland

Another great note from @NathanTankus on the Fed's crisis actions so far: "It is becoming a running theme in my coverage here that the Fed’s announcements are both a great leap forward for them but, at the same time, far too little." The Federal Reserve’s Coronavirus Crisis Actions, Explained (Part 5)Muni Purchases Are Finally Herebit.ly

April 12th 2020

12 Retweets44 Likes

Joe Weisenthal @TheStalwart

This is awesome. @NathanTankus has started a series on how monetary policy actually works. Even if you disagree with everything the Fed has done, it's useful to understand the actual operations. Purchase and Sale Policy #MonetaryPolicy101The start of a new explainer series on Monetary Policynathantankus.substack.com

April 14th 2020

60 Retweets208 Likes

Peter Armstrong @armstrongcbc

Super helpful

Joe Weisenthal @TheStalwart

This is awesome. @NathanTankus has started a series on how monetary policy actually works. Even if you disagree with everything the Fed has done, it's useful to understand the actual operations. https://t.co/yUDk1dUTjE

April 14th 2020

1 Retweet7 Likes

Luke Kawa @LJKawa

Nathan strutting his stuff is one of the highlights of this abhorrent existence. He's like the Dos Equis guy, but for things that actually matter.

Nathan Tankus @NathanTankus

Coming late in the day, my case for why we should authorize the Fed to issue Federal Reserve Securities and abandon Treasury Securities in favor of making public finance about #MintTheCoin. I end with discussing @RashidaTlaib's bill! https://t.co/GaQGEWiwI2

April 17th 2020

8 Retweets34 Likes

Adam Townsend @adamscrabble

Folks, Nathan is fantastic. I've been substituting, piece by piece, my subscriptions out of NYT, WSJ, and swapping in more more precise info. Nathan is in it

Nathan Tankus @NathanTankus

I've posted 19 posts in 24 days since starting my substack and have gotten overwhelming positive media coverage, support and subscribers. Make it possible for me to permanently write multiple posts a week by taking a paid subscription today. https://t.co/GaTUN1YH64

April 17th 2020

3 Retweets12 Likes

Patrick Wyman @Patrick_Wyman

One of the few bright spots in a godawful media environment is Substack. I subscribe to a bunch of newsletters on it - highly recommend @dwdavison and @NathanTankus - and there's no better model for the kind of detailed analysis I'm looking for.

April 17th 2020

5 Retweets65 Likes

Cardiff Garcia @CardiffGarcia

Back in the Blogging Era, now and again a new longform-ish econ blogger would arrive on the scene and we'd all be like "holy crap this is awesome!". That happened with @rortybomb around the GFC. This cycle's version of that is @NathanTankus's newsletter

Luke Kawa @LJKawa

Nathan strutting his stuff is one of the highlights of this abhorrent existence. He's like the Dos Equis guy, but for things that actually matter. https://t.co/gxp3JWcf4s

April 17th 2020

13 Retweets47 Likes

Mike Konczal @rortybomb

@CardiffGarcia @NathanTankus Too kind to me, the level of sophistication has jumped immensely in the past decade, which makes what Nathan is pulling off even more impressive.

April 17th 2020

2 Retweets9 Likes

This level of media coverage and praise is extremely rare. Many journalists would kill to have this much attention and praise for their work in a year- perhaps multiple years- and I’ve received it in a month. Clearly there are a lot of people out there who think what I’m doing is worthwhile and want me to be able to continue doing it. I’ll be forever grateful for that, whatever happens next. In order to ensure that I can produce consistent posts for this substack, I’m going to slow down to 3 posts a week. 2 of those posts will remain free, while 1 post will be a premium post which is only accessible through a paid subscription. This rate also allows me to devote more time to each post, and to get posts edited by others.

If paid substack subscriptions begin to bring in revenue that is substantially beyond a living income, I will increase the number of posts by paying coauthors or guest contributors with similar perspectives to my own to write with me and/or for me. Currently, I think my schedule will be to continue the #MonetaryPolicy101 series on Tuesday, have another free post on Thursday and then post premium posts on Saturday. In addition to this 3 post schedule, I will be writing things for external publications which I will post here and when a surprise announcement happens, I’ll rush coverage of it. It is only your support here that makes regular writing for external publications possible and so I encourage readers to think of this as part of what they’re getting when they take out a paid subscription to the substack.

I can’t say enough how grateful I am to all the support I have received. Any reader is a wonderful thing and those of you who promoted the substack have been immensely valuable, whether you had a paid subscription or not. That being said, paid subscribers are what have let me continue this as a full time job. If paid subscribers keep on coming in the way they have been, this will be a full time living income in 6 weeks. If you can take out a paid subscription, please do.

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