If the US cannot credibly project power (let alone win a war) against either Russia or China (let alone against both), the “Rules Based Global Order” is already dead; this reality just has not been marked-to-market yet in asset prices.      -FFTT, May 2025 Key points: Historically, governments in severe fiscal and domestic straits with rising political problems have three options: Austerity is not a possibility – even if it would not trigger an immediate collapse

“Today, humanity is once again faced with critical choices: peace or war? Dialogue or confrontation? Win-win co-operation or zero-sum rivalry?” Xi said.     –“Xi Jinping hails ‘unstoppable’ China at landmark military parade”, FT, 9/3/25 Please give my warmest regards to Vladimir Putin and Kim Jong Un, as you conspire against The United States of America.      -Pres. Trump, via Truth Social, 9/3/25 Looks like we’ve lost India and Russia to deepest, darkest China.  May they have a

[Total equity market cap as a percentage of US GDP] is probably the best single measure of where valuations stand at any given moment. And as you can see, [in early 2000], the ratio rose to an unprecedented level. That should have been a very strong warning signal…[for the annual return of US securities to materially exceed the annual growth of US GNP for a protracted period of time], you need to have the line