“You shall not crucify mankind upon a cross of gold.”
– William Jennings Bryan, July 9, 1896
“You shall not crucify the retiree and saver on a cross of negative rates.”
– John Mauldin, September 14, 2016
Read moreDear Friends,
Now is the time I would normally be sending you Thoughts from the Frontline, but this week I’m calling an audible. Rather than leave you wondering, I’m sending this short note to explain the new game plan.
Read more“Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.”
– John Maynard Keynes
The 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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