Many important stories are hiding “in the open.”– Pulitzer Prize winning journalist Seymour Hersh Events can move from the impossible to the inevitable without stopping at the probable.-Alexis de Tocqueville We’re also at a unique moment geopolitically, and I could see in the next few years that we are going to have to have some kind of a grand global economic reordering, something on the equivalent of a new Bretton Woods or if you want

…if global real interest rates returned tomorrow to their historical average of roughly 2%, given the existing level of US government debt and large continuing projected deficits, the US would likely experience an immediate fiscal dominance problem.– Charles Calomiris, St. Louis Fed white paper, 6/2/23 …suppose that the demand for government bonds implies an interest rate on bonds greater than the economy’s rate of growth. Then, if the fiscal authority runs deficits, the monetary authority