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Complex Systems with Patrick McKenzie (patio11) Complex Systems with Patrick McKenzie (patio11) Patrick McKenzie The Action Catalyst The Action Catalyst Southwestern Family of Podcasts - Southwestern Family of Companies The Talent Trade The Talent Trade Southwestern Family of Podcasts - Southwestern Family of Companies The Bread Winner Podcast The Bread Winner Podcast Caroline Bower KAJ Business & Money LIVE KAJ Business & Money LIVE Khudania Ajay Crypto News Today | 2 Min News | The Daily News Now! Crypto News Today | 2 Min News | The Daily News Now! The Daily News Now! EU-Startups Podcast EU-Startups Podcast Thomas Ohr Rainer on Leadership Rainer on Leadership Thom Rainer Grain Markets and Other Stuff Grain Markets and Other Stuff Joe Vaclavik Podcast de Vendas do Diego Maia Podcast de Vendas do Diego Maia Diego Maia The Think Media Podcast The Think Media Podcast Think Media DarrenDaily On-Demand DarrenDaily On-Demand Darren Hardy LLC Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love Davina Frederick Global Market Insights - Forex, Futures, Stocks Global Market Insights - Forex, Futures, Stocks XM.com Practice Disrupted by Practice of Architecture Practice Disrupted by Practice of Architecture Evelyn Lee Book More Photography Clients Podcast | Photography Business, Photography Leads, Marketing Book More Photography Clients Podcast | Photography Business, Photography Leads, Marketing Brooke Jefferson - Oklahoma Family Photographer, Photography Business Coach Business of Home Podcast Business of Home Podcast Business of Home, Dennis Scully Massive Agent Podcast Massive Agent Podcast Dustin Brohm The Ramsey Show The Ramsey Show Ramsey Network iWork4Him PowerThought iWork4Him PowerThought Jim & Martha Brangenberg Insider Secrets to a Top 100 Podcast with Courtney Elmer | Podcasting Strategies for Growing a Podcast That Converts Insider Secrets to a Top 100 Podcast with Courtney Elmer | Podcasting Strategies for Growing a Podcast That Converts Courtney Elmer | PodLaunchHQ.com The Trevor Rose Podcast The Trevor Rose Podcast Mr. Rose She Coaches Coaches She Coaches Coaches Candy Motzek | Life & Business Coach Everything is Logistics Everything is Logistics Blythe (Brumleve) Milligan Strategy Meets Finance Strategy Meets Finance Steve Coughran 大來國際投顧 大來國際投顧 大來國際投資顧問股份有限公司 The People Side of Business | Team Management Strategies, How to Manage Employees, Leadership for Business Owners The People Side of Business | Team Management Strategies, How to Manage Employees, Leadership for Business Owners Lindsay White | Fractional HR Expert, Team Leadership Strategist, Leadership Coach for Female Founders xHUB.AI xHUB.AI Plácido Doménech Espí The Insurance Buzz The Insurance Buzz Michael and Courtney Weaver Commodity Culture Commodity Culture Jesse Day It’s All Your Fault: High Conflict People It’s All Your Fault: High Conflict People TruStory FM Associations Thrive Associations Thrive Joanna Pineda The Julia La Roche Show The Julia La Roche Show Julia La Roche Hope Unlocked 🔑 | Christian Testimonies, Hope & Healing, Faith-Based Inspiration, Purpose & Calling, Kingdom Business & Ministry Hope Unlocked 🔑 | Christian Testimonies, Hope & Healing, Faith-Based Inspiration, Purpose & Calling, Kingdom Business & Ministry Kristin Kurtz - Prophetic Life Coach, Spiritual Midwife, Author, Speaker The Dirty Side of Leadership The Dirty Side of Leadership Ron Ward & Kristin Sokoloff The Unforget Yourself Show The Unforget Yourself Show Mark and Katie Qiological Shoptalk Qiological Shoptalk Qiological
Complex Systems with Patrick McKenzie (patio11)

Business

Complex Systems with Patrick McKenzie (patio11)

Patrick McKenzie

The structural footprint of a bank run

July 02, 2026 1:58am 40 min

Patrick McKenzie (patio11) reads his 2023 essay "Deposit Franchises as Natural Hedges," written seven weeks into that year's banking crisis, making the case that deposit franchises are a natural hedge against interest ra...

Forty ways to pay for coffee in Japan

June 25, 2026 2:00am 35 min

Patrick McKenzie (patio11) reads his 2021 essay "Payments in Japan," tracing how Japanese consumers navigate a landscape with dozens of competing payment methods at once: credit cards, electronic money, QR-code super app...

The factory behind your home loan

June 18, 2026 2:00am 26 min

Patrick McKenzie reads from his 2022 Bits About Money essay on mortgages, making the case that a mortgage is best understood as a manufactured product, not a simple loan between a bank and a customer. He walks through th...

How brokerage transfers actually work

June 04, 2026 2:00am 43 min

Patrick McKenzie reads from his 2024 Bits About Money essay on ACATS, the Automated Customer Account Transfer Service that governs how Americans move investment accounts between brokerages, then updates it with regulator...

Wrong numbers and why they survive, with Aaron Brown

May 14, 2026 2:00am 55 min

Patrick McKenzie (patio11) is joined by Aaron Brown, author of Wrong Number, to examine why institutions that produce bad statistics face so few consequences for doing so. They trace the pattern from Aaron's 1975 summer ...

Defendant, Censor, Politico, Spy

May 08, 2026 2:12am 1:05

The improbable but true story of how non-profits operating a private intelligence agency to combat terrorism decided to interfere with campaign infrastructure in a U.S. election.This piece includes original public intere...

How the SPLC became financial infrastructure

May 01, 2026 3:15am 51 min

Patrick McKenzie reads from his latest Bits About Money essay, walking through why bank fraud charges are a prosecutor's favorite tool, how the Bank Secrecy Act's surveillance regime is designed to force criminals into i...

The honey badger of payments

April 23, 2026 2:00am 29 min

Patrick McKenzie (patio11) reads his classic Bits about Money essay on how checks shaped the entire American payments infrastructure, from the origins of ACH to why a standard US bank account is, technically, a credit pr...

Cash received is not revenue earned

April 16, 2026 2:01am 33 min

Patrick McKenzie (patio11) reads his classic Bits about Money essay explaining why revenue recognition in software is more complicated than most engineers, founders, and financial reporters think. The essay covers the ac...

Your bank balance isn’t in the bank, and other alchemy

April 09, 2026 2:01am 48 min

Patrick McKenzie (patio11) reads his classic Bits About Money essay on why your bank deposit is not what you think it is. He explains the capital stack that makes deposits appear riskless while funding genuinely risky bu...

Payroll, pins, and punch cards

April 02, 2026 2:00am 47 min

In this episode of Complex Systems, Patrick McKenzie riffs on why public sector payroll modernization is even more likely to fail than the typical public software procurement project. He then goes into a wider discussion...

Delve into compliance theatre

March 26, 2026 2:02am 56 min

Patrick McKenzie (patio11) explains how compliance regimes designed to be viral brought many more firms into the scope of frameworks like SOC 2. This created a market demand for compliance-on-the-cheap by companies like ...

Understanding consumer debt collections: the underbelly of finance

March 19, 2026 3:18am 44 min

Patrick McKenzie (patio11) reads his classic Bits about Money essay explaining why the debt collection industry earns its “river of effluvia” metaphor. From the accounting standards that force banks to "charge off" delin...

Inference engineering and the real-world deployment of LLMs, with Philip Kiely

March 12, 2026 2:00am 1:23

Patrick McKenzie (patio11) and Philip Kiely, early employee at Baseten, discuss the inference stack: the critical layer of software and hardware that sits between a model’s weights and a user’s prompt. They cover inferen...

Secrets designed to be divulged and other payment oddities

March 05, 2026 2:37am 25 min

Patrick McKenzie (patio11) deconstructs the "original sin" of payments: building a global financial substrate on shared secrets that were distributed promiscuously to function. He examines the multi-decade game of Whack-...

Understanding government procurement, with Luke Farrell

February 26, 2026 2:00am 1:20

Patrick McKenzie (patio11) and Luke Farrell examine the structural "technical imagination" gap that prevents the US government from delivering high-fidelity digital services. They discuss why states routinely pay full pr...

APIs of evil: studying fraud as infrastructure

February 12, 2026 2:00am 51 min

Patrick McKenzie (patio11) reads an essay about "industrial-scale" fraud and why it should be treated as a professional business process rather than a series of isolated accidents. He explains how fraudsters leverage spe...

Why check cashing businesses exist

February 05, 2026 2:00am 38 min

Patrick McKenzie (patio11) reads an essay about the business of check cashing, a misunderstood industry. He explains why cashing a check is actually a "new credit extension" where the bank bets on both the writer and the...

Claude Code makes several thousand dollars in 30 minutes, with Patrick McKenzie

January 29, 2026 2:01am 40 min

Patrick McKenzie (patio11) walks through a coding session with Claude Code to demonstrate what the fuss is about. The business problem: recovering failed subscription payments that required coordinating APIs across Strip...

We should stop burning pharma trials’ lab notes, with Ruxandra Teslo

January 22, 2026 2:00am 1:17

Patrick McKenzie (patio11) is joined by Ruxandra Teslo to discuss why drug development keeps getting more expensive despite revolutionary new treatment modalities from GLP-1 agonists to gene therapies. They discuss Eroom...

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