Notes today:

• A $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest Eggs

• Economist: Almost 40% of African-Americans under 40 own cryptocurrency, compared with 29% of whites. 

• Lagarde reiterated her concerns over cryptocurrencies & desire for regulation: "My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety," Lagarde said in an interview on Dutch TV. 

• Russia bans 963 Americans, including Biden and Harris — but not Trump!
• “Russia also named former senators John McCain, Harry M. Reid, and Orrin G. Hatch as among the current or ex-lawmakers barred from entering the country, even though they are all dead.” 

• Crashing Crypto: Is This Time Different? (Krugman)  

Well, maybe the crypto skeptics are wrong. But on the question of folly and gullibility, the answer is yes, we can.