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Complex Systems with Patrick McKenzie (patio11)

Podcast Complex Systems with Patrick McKenzie (patio11)
Patrick McKenzie
We live in a world where our civilization and daily lives depend upon institutions, infrastructure, and technological substrates that are _complicated_ but not ...

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5 of 29
  • Power plays: grid economics and engineering, with Travis Dauwalter
    Patrick McKenzie (@patio11) is joined by Travis Dauwalter, energy enthusiast (and PhD), to explain the systems we often take for granted behind the US electrical grid. The conversation covers how the grid maintains perfect supply-demand balance in real-time, the challenges of integrating renewable energy sources, and why America actually has three separate interconnected grids. Patrick and Travis weave through the economics of power generation, transmission line physics, and how data centers are reshaping energy markets. (Also, in a bit of a surprise, Patrick defends the honor of Bitcoin miners.)–Full transcript available here: complexsystemspodcast.com/electricity-grids-travis-dauwalter/–Sponsors:  CheckCheck is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Utility Dive: https://www.utilitydive.com/ The Bitter Lesson by Rich Sutton: https://www.cs.utexas.edu/~eunsol/courses/data/bitter_lesson.pdf Austin Vernon on Fracking: https://open.spotify.com/episode/0YDV1XyjUCM2RtuTcBGYH9Casey Handmer on Solar Economics: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQu –Twitter:@TravisDauwalter@patio11Travis’ LinkedIn: https://www.linkedin.com/in/travisdauwalter/ –Timestamps: (00:00) Intro(00:28) Understanding the energy grid(02:22) The complexity of supply and demand(05:43) Regional differences in energy grids(08:16) Seasonal and daily energy demand(11:22) Renewable energy and storage solutions(17:17) Sponsor: Check(18:29) Renewable energy and storage solutions (continued)(24:07) Demand response and time of use rates(34:08) Bitcoin mining and energy economics(39:29) Exploring behind the meter arrangements(40:44) Transmission line challenges and innovations(45:51) Dynamic line rating and grid efficiency(50:58) Data centers and energy demand(58:33) Interconnection queue and grid security(01:03:38) Understanding the US grid structure(01:09:46) Wrap
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  • The landmines buried in the fine print of Chicago’s new casino deal
    In today’s episode Patrick McKenzie (@patio11) examines a Chicago casino investment, first of its kind within the city limits. Patrick reads from his Bits About Money essay (published January 2025) with additional commentary based on recent developments. The discussion reveals how municipal politics, grievances about national and local economic history, and creative financing intersect for ‘a very Chicago gamble.’ –Full transcript available here: www.complexsystemspodcast.com/the-landmines-buried-in-the-fine-print-of-chicagos-new-casino-deal/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money: https://www.bitsaboutmoney.com/archive/chicago-casino-investment-offering/ The Story of Vaccinate CA: https://worksinprogress.co/issue/the-story-of-vaccinateca/ The Conservative Investor: https://www.patreon.com/theconservativeincomeinvestor Complex Systems interview with Jim McKenzie: https://open.spotify.com/episode/6ocJirzGTStuf0K9ITM21X?si=7HA0RhEOS8GFsA1MlY-EVw–Twitter:@patio11–Timestamps: (00:00) Intro(01:43) Chicago has wanted a casino for a long time(04:55) The stock offering(10:29) Chicago’s peculiar definition of minority(14:04) Sponsors: Vanta | Check(16:26) Reading a complex corporate structure(20:29) Is this valuation a gift to investors?(23:20) Capital stack arbitrage(30:04) The casino will not distribute profits, per se(32:45) Tax consequences of this offering(38:34) In conclusion
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  • The banking crisis, two years later
    Patrick McKenzie (@patio11) revisits his March 2023 essay that explained the dynamics of bank runs and system stress during the banking crisis one month prior. With data from a newly released Federal Reserve paper, he analyzes the true scope of the banking stress - including revelations that 22 banks experienced severe deposit outflows, far more than publicly known at the time. While officials blamed social media for bank runs, data shows institutional players, not retail depositors, drove the events. –Full transcript available here: www.complexsystemspodcast.com/banking-crisis-two-years-later/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Bits About Money: https://www.bitsaboutmoney.com/archive/banking-in-very-uncertain-times/Federal Reserve Report: Tracing Bank Runs in Real Time https://www.newyorkfed.org/research/staff_reports/sr1104.html Byrne Hobart’s blog The Diff: https://www.thediff.co/ Matt Levine’s blog Money Stuff: https://www.bloomberg.com/account/newsletters/money-stuff –Twitter:@patio11–Timestamps: (00:00) Revisiting the March 2023 essay(01:47) The Fed's study(11:21) Why are banks failing?(14:41) A useful heuristic from bond math(18:05) Sponsors: Vanta | Check(21:00) Maturity transformation(29:54) Sponsor: GiveWell(30:42) Liquidity problems are the proximate cause of bank failures(33:43) Trying to forestall a banking crisis(40:16) Deposit insurance expansion(47:12) Deposit insurance has some legacy issues(52:04) What would happen if my bank were to go into receivership this weekend?(59:46) What should users of the banking system do?(01:04:09) Parting thoughts(01:05:08) Footnote
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  • Debanking explained
    In this episode, Patrick McKenzie (@patio11) unpacks his 24k word essay Debanking (and Debunking?) originally published on Bits about Money. He discusses the contours of recent debanking claims made by the crypto community, notably Marc Andreessen, Nic Carter, and explains how banking actually works as infrastructure rather than conspiracy.  The conversation moves from Operation Chokepoint's documented history to current claims about coordinated action against certain industries, while highlighting how banking access challenges disproportionately affect those who are "relatively less resourced, relatively less educated."–Full transcript available here: www.complexsystemspodcast.com/debanking-patrick-mckenzie/–Sponsors:  Vanta | GiveWell | CheckVanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Debanking (and Debunking?) https://www.bitsaboutmoney.com/archive/debanking-and-debunking/ a16z's Debanking explainer: https://a16zcrypto.com/posts/article/debanking-explained/–Twitter:@patio11@eriktorenberg–Timestamps:(00:00) Intro(00:19) Marc Andreessen's debanking claims(01:02) Understanding debanking and its implications(02:18) Crypto enthusiasts' perspective(07:43) Operation Chokepoint: A historical context(18:09) Sponsors: Vanta | Check(20:23) Operation Chokepoint 2.0: The present day(22:12) The fall of Silvergate Bank(29:55) Crypto advocates and Silvergate Bank(30:45) Sponsor: GiveWell(31:43) Understanding bank account closures(32:35) Bodegas and money services businesses(36:38) Crypto companies and credit risk(47:24) Debanking and its broader implications(49:24) Political ramifications and free speech(59:27) Wrap–Complex Systems is part of the Turpentine podcast network.
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  • Retrospective on 2024, with Sammy Cottrell
    In this special episode, Patrick McKenzie (@patio11) and his EA/producer Sammy Cottrell examine the production function behind Complex Systems, from studio logistics to transcript annotation and guest selection. They reflect on their most memorable episodes while discussing the podcast's core mission of making complex systems more legible and ensuring valuable content remains freely available on the internet. The conversation explores the subjective best episodes from 2024, plans for the year ahead, and how LLMs might transform both the systems they study and how we write about them.–Full transcript available here: https://www.complexsystemspodcast.com/2024-year-in-review-sammy-cottrell/–Sponsor: Vanta | GiveWell | Check Vanta automates security compliance and builds trust, helping companies streamline ISO, SOC 2, and AI framework certifications. Learn more at https://vanta.com/complexSupport proven charities that deliver measurable results and learn how to maximize your charitable impact with GiveWell. Go to givewell.org (and type in "Complex Systems" at checkout).Check is the leading payroll infrastructure provider and pioneer of embedded payroll. Check makes it easy for any SaaS platform to build a payroll business, and already powers 60+ popular platforms. Head to checkhq.com/complex and tell them patio11 sent you.–Links:Ricki Heicklen on Complex Systems: https://open.spotify.com/episode/11kEUYRn4gXZGju232hzcgCasey Handmer on Complex Systems: https://open.spotify.com/episode/0GHegWgLSubYxvATmbWhQuDan Davies on Complex Systems: https://open.spotify.com/episode/5QKxzgumJXSQuaWCmYAoM9Zvi Mowshowitz on Complex Systems: https://open.spotify.com/episode/4itdtJFLCpLQNd2g1zTtdDRoss Rheingans-Yoo on Complex Systems: https://open.spotify.com/episode/4GiO0KYqxJNCIdltCyhN6mPatrick’s talk at Manifest 2024 (Manifold): https://www.youtube.com/watch?v=vfiiXq_bE1c Article mentioned - ‘50K in a Shoebox’: https://www.thecut.com/article/amazon-scam-call-ftc-arrest-warrants.htmlCopenhagen theory of culpability: https://laneless.substack.com/p/the-copenhagen-interpretation-of-ethics –Twitter:@patio11@haththerescuer–Timestamps:(01:04) Introducing Sammy(01:37) The offscreen symphony behind Complex Systems(07:19) Production supply chain and transcript philosophy(08:40) LLMs of choice(15:11) Sponsors: Vanta | Check(21:21) Favorite episodes(25:49) Sponsor: GiveWell(27:15) Beyoncé(28:47) More subjectively favorite episodes(32:34) Thesis of Complex Systems(34:07) Canon in operations research(40:51) Sabbatical mode(48:52) Bits about Money and other writing in 2024(51:22) On paywalls and not implementing them(54:29) LLM plans for 2025–Complex Systems is part of the Turpentine podcast network.
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About Complex Systems with Patrick McKenzie (patio11)

We live in a world where our civilization and daily lives depend upon institutions, infrastructure, and technological substrates that are _complicated_ but not _unknowable_. Join Patrick McKenzie (patio11) as he discusses how decisions, technology, culture, and incentives shape our finance, technology, government, and more, with the people who built (and build) those Complex Systems.
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