Everyone's watching stocks, waiting for the crash. It's starting somewhere else.
Something broke this week, and almost nobody connected it.
→ Japan sold ~$71B in Treasuries, its biggest dump in decades → China cut holdings to the lowest since 2008 → Both are stacking gold instead → Yields near levels last seen in 2007 → Oil above $100 on the Iran crisis
None of this is isolated. It's one feedback loop, and it's accelerating.
When the two largest foreign holders of U.S. debt step back at the same time,