America’s Biggest Corporate Debtors in One Chart

At some fast approaching point, it will become mathematically impossible to fund continued growth in bond markets without regrowing the monetary base

Primary Dealer Treasury Holdings Have Been Surging to Historic Levels

These are the highest levels since at least 1998

“It’s not about the economy. It’s about money markets demanding the Fed begin helping the US banking system finance US government deficits”

Less than 5% of the global fixed income market yields more than 5%

How the predominant currencies of the world’s great civilizations evolved until 1500 AD

At a certain point, the ‘why’ behind a bad idea becomes irrelevant.

The inevitability of continued economic weakness and low rates in Europe and Japan, is likely to keep US rates low regardless of what the Fed does

“The stock markets are moving up because it’s the only place to put money”

The region with the highest total consumer debt per capita is Washington DC

Bullish or bearish, it seems unlikely that most investors will find long-term success in such an environment