There's this phrase Francis Hunt uses — Hotel California debt. You check in, but you never really leave. That's the modern financial system in a nutshell.

He walked me through why markets keep climbing even when the fundamentals are screaming trouble. It's not strength. It's the trap doing what traps do — expand forever, never contract.

We talked about the long-term debt cycle, and why this one can't resolve quietly. There's this Ernest Hemingway line about bankruptcy: it happens slowly, then all at once. That's what we're staring at.

Remember Britain's 2022 pension crisis? A slow leak turned into a bond market crash in days. Forced sellers, collapsing prices. Only cash buyers win that moment.

Most investors are positioned for a world that's about to change under their feet. The exits? Gold and $BTC. Pick your door out of the hotel.

We also covered:
- Why rates are spiking
- The devaluation chart nobody wants to look at
- Japan's trap
- The end of gold-backed money
- Why gold was suppressed for decades
- What's next for gold

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