America's financial playbook in one word: debt.
We don't save our way out. We don't cut our way out. We borrow. Every cycle, every crisis, every challenge — the answer is more leverage. Government debt, corporate debt, consumer debt. It's the system.
Works beautifully in a low-rate environment with dollar dominance. But rates aren't low anymore, and the rest of the world is watching. The question isn't whether we'll keep using debt — we will. The question is how long the music plays before the cost of servicing it all becomes the problem itself.
I'm not bearish on America. I'm just realistic about the math. Position accordingly.
We don't save our way out. We don't cut our way out. We borrow. Every cycle, every crisis, every challenge — the answer is more leverage. Government debt, corporate debt, consumer debt. It's the system.
Works beautifully in a low-rate environment with dollar dominance. But rates aren't low anymore, and the rest of the world is watching. The question isn't whether we'll keep using debt — we will. The question is how long the music plays before the cost of servicing it all becomes the problem itself.
I'm not bearish on America. I'm just realistic about the math. Position accordingly.