
- July 18, 2025
Inflationary Confusion
If you listen to the media—both MSM and social media—it seems like everyone in the world wants lower interest rates.
Read moreIf you listen to the media—both MSM and social media—it seems like everyone in the world wants lower interest rates.
Read moreWe like to say markets don’t lie. That may be so, but they can certainly send mixed signals.
Read moreHappy Fourth of July! I hope you’re enjoying a long holiday weekend. That’s what I am doing, so this letter will be a little different.
Read moreThe Debt Supercycle theory traces the increasing transfer of private debt to government balance sheets, highlighting its implications, the unique constraints of government debt management, and potential future scenarios—including the limits of government borrowing, the role of bond vigilantes, and the risk of a major fiscal crisis if current trends continue.
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