If you don’t devalue the debt-to-GDP first drastically, quickly — because we’re on the clock now — you do run this risk of a sudden stop. And a sudden stop in the U.S. would look like S&P 500 down 20% in a month…initially 10-year Treasury yields would go down, for the first little part of that.  People would say, ‘See, it’s going to work!’ And then 10-year yields would start going up. And by the

Bessent has a “Grand Encirclement” plan for China     -Bloomberg, 4/12/25 A thought experiment. Imagine if: Within the next 89 days, the US, Europe, and Japan agree to go zero/zero on tariffs and remove all trade barriers. Then Europe and Japan join the US in raising tariffs on China to 145%. Then the US, Europe and Japan as a united front negotiate with China to remove tariffs and trade barriers, and put in place strong structural

Trump just advocated changing post-1971 structure of USD reserve status – did you catch it?      -Title of the 1/28/25 edition of FFTT Maybe I’m in the black, maybe on I’m on my knees, maybe I’m in the gap between the two trapezes…      -Coldplay, “Every Teardrop is a Waterfall”, 2011 My advice to every country right now is: Do not retaliate. Sit back, take it in, let’s see how it goes. Because if you retaliate, there