John Rubino, co-founder of dollarcollapse.com, argues that gold bouncing off $4,000 and silver off roughly $60 marks a reasonable bottom after the correction from January’s highs, while unhedged dealers caught with overpriced inventory are widening spreads and overcharging on products like Silver Eagles. He points to Blackstone pulling out of one of the world’s largest data center projects, killed by community opposition, as a potential sign the AI bubble is topping, with multiple trillions of dollars at risk of being stranded and a precedent set for other communities to block data centers through public pressure and the courts. He says the push to open IRAs and 401(k)s to IPOs like SpaceX shows tech elites treating retail investors as “exit liquidity,” a classic end-of-cycle signal, while producing gold and silver miners are generating record free cash flow with Q2 reports starting around July 23.
Gold and silver support levels: Gold hit $4,000 and bounced, silver hit roughly $60 and bounced, after a swoon that ran from the end of January to July. Rubino says these are reasonable levels for the metals to turn around and begin trading up again.
Dealer premium distortions: Unhedged dealers took on inventory at high prices, and after silver’s roughly 50% retracement they are underpaying sellers and overcharging buyers to escape unprofitable positions. He advises shopping around, buying cheaper rounds and bars, or using physical ETFs trading near spot until premiums normalize.
Blackstone’s failed data center as the AI top signal: Blackstone pulled out of financing and ownership of one of the world’s biggest data centers, a project already under construction, after community opposition prevailed. Rubino says failures of big AI deals are exactly what marks a market top, with multiple trillions potentially stranded if the bubble bursts.
Retail as exit liquidity: Recent work to change IRA and 401(k) rules so ordinary savers can buy IPOs like SpaceX coincides with insiders looking to cash out. In Silicon Valley speak, “the tech elites view the rest of us as exit liquidity,” which frequently signals the end of the cycle.
Miner free cash flow and buyouts: Producing gold and silver miners have generated massive free cash flow for the past year, with strong Q2 reports expected starting around the 23rd of the month, likely funding dividends, buybacks, and acquisitions.
Bob Moriarty of 321gold.com claims the world faces a fuel crisis that becomes obvious within one to two weeks because 1.3 to 1.5 million barrels of oil have been produced but never refined since the Iran war began, while the SPR and Cushing are at minimum levels and the oil price has been artificially manipulated back to pre-war levels around $67-76, which he calls impossible in any sane financial system. He asserts the Iranian nuclear program is a false flag, that Iran closed the Strait of Hormuz easily and has revolutionized warfare by using $15,000-50,000 drones as deliberate decoy targets to drain multi-million-dollar Patriot interceptors, and that a US destroyer may have been hit with fatalities, risking escalation to world war. He also claims Trump is showing signs of dementia and prefrontal lesions requiring invocation of the 25th Amendment, believes the gold/silver correction ended at the recent full moon, and warns the spiking Japanese 10-year yield (2.9% vs the US 4.54%) is blowing up the yen carry trade in the most fragile financial system in history.
Fuel shortage in 1-2 weeks: Between 1.3 and 1.5 million barrels of oil have been taken off the market since late February, produced but never refined, while the SPR is at minimum levels and Cushing’s billion barrels are “all gone.” Moriarty says every refinery in the world is in serious trouble and the crisis will explode into view within a week or two, during US summer driving season.
Oil price manipulation: WTI trading near pre-war levels (~$67-76) despite the missing barrels is “being manipulated in an exceptionally dangerous way,” and he hypothesizes the Trump administration is selling oil contracts to suppress the price. He dismisses naked short selling as impossible since every futures contract has a buyer and a seller, but warns the short position must be covered, setting up a massive price spike.
Drones as decoy targets: Iran fires cheap drones ($15,000-50,000) as deliberate targets so adversaries expend $2-4 million Patriot missiles, winning the economic war of attrition; he says textbooks will be written about this for 50 years. He adds the US is out of Patriots, is draining Ukraine of assets, F-35s are being delivered without radar due to gallium shortages, and aircraft carriers are as obsolete as battleships after Pearl Harbor.
Trump’s health and the 25th Amendment: Citing a physical therapist’s analysis of how Trump picked up a book, Moriarty claims Trump shows signs of dementia and prefrontal lesions, saw 22 specialists at his physical, and received a special FDA drug authorization. He predicts it will become so obvious the 25th Amendment will have to be invoked and says Trump “shouldn’t be buying green bananas.”
Metals bottom and bond market stress: He predicted a bottom at the recent full moon and believes the correction from gold $5,500 and silver $121 is over, citing Porter Stansberry’s bank-reserve formula projecting a 2026 gold range of $4,000-6,000. Japan’s 10-year yield spike to 2.9% against the US 4.54% is collapsing the yen carry trade; Japan must choose between letting the yen collapse or the world economy collapse, while Oracle is down 57% from its high and he calls AI “as close to a scam as you could possibly have.”
Jan van Eck, CEO of the $230 billion asset manager VanEck, says there is “insanity” in equity markets with semiconductors doubling in 12 months, but argues the rally is justified because tech profit growth is equally extreme — Nvidia profits up 129%, Google up 80%, Meta 62%, with implied forward earnings growth for the AI complex averaging 95% — and the top 10 stocks trade at 21.6 times forward earnings versus a 20.8 historical average, so “if it was flashing yellow before, it’s now flashing green.” He warns Anthropic is the overheated name facing four headwinds — cost-conscious corporate customers, Chinese open-source models that have caught up with Claude, accusations from a competitor CEO of ripping off clients (citing Figma down 73%), and corporations moving to control their own AI infrastructure — and would be surprised if there were not a revenue disappointment within 12 months. He reaffirms VanEck’s three 10-year trends of AI, the rise of India, and gold plus Bitcoin as hedges against US government overspending, noting the fiscal-year deficit is running at 5.8% of GDP with interest expense up 10% year over year and Social Security now projected to run short in 2032 with an automatic ~20% benefit cut.
Profit growth justifies extreme valuations: Nvidia’s profits grew 129%, Alphabet 80%, and Meta 62%, with average implied forward earnings growth of 95% (median 40%) across big tech, while the top 10’s forward P/E of 21.6x sits near its long-run average of 20.8x. Unlike the dot-com era, market cap and earnings are moving in lockstep, so van Eck says stay fully invested while taking some profits in semiconductors.
The case against Anthropic: Corporations are cost-optimizing away from premium models (VanEck’s own token usage doubled in 3 months to ~20 million while spend leveled off), the top three Chinese open-source models have caught up with Claude, and Alex Karp publicly accused the company of learning clients’ businesses and then competing with them, with Figma down 73% cited as a victim. Van Eck expects a revenue surprise to the downside within 12 months.
Fed regime under Kevin Warsh: Warsh has set up task forces whose conclusions will “surprise absolutely no one,” with balance-sheet contraction talk likely deferred until after the midterms; monetary policy is exactly the less-interventionist path Bessent outlined. No tightening or loosening surprises expected through year-end.
Fiscal picture and Social Security at 2032: The deficit is running at 5.8% of GDP (down from a 6.5% peak) with receipts up 5% and spending up 3%, but interest expense is up 10% year over year and now exceeds defense. Social Security’s shortfall moved up from 2033 to 2032, implying an automatic benefit cut to roughly 80% of promised payments, with proposals like eliminating the contribution cap and new $1,000 government-seeded “Trump accounts” floated.
Sticking with BDCs, alt managers, India, gold, and Bitcoin: BDCs still yield 9%+, Blue Owl pays about 9%, and private credit fears remain overblown in his view, while India has gotten cheaper and stays a 10-year buy. Gold’s selloff doesn’t bother him because gold is an Asian wealth story rather than a US inflation trade, and VanEck insiders believe Bitcoin should be bought before October.
Speaking at the Rule Symposium, former Goldman Sachs and Bear Stearns insider Nomi Prins argues the world is in a “real assets lockout” phase of the commodity supercycle, in which nations weaponize chokepoints in physical supply chains — China blocking sulfuric acid needed for copper processing after the US belatedly added copper and silver to its critical minerals list in November 2025 — and she stands by her firm’s $6,000 gold call by year-end. She says the $40 trillion US debt forces interest payments ahead of any productive spending, the Fed’s balance sheet has grown over the last six months because the Fed is the only backstop for the debt, and Kevin Warsh’s guidance-free FOMC debut was a power move that preserves flexibility to cut rates once oil-driven inflation fades. She contrasts paper and physical markets, noting the SLV ETF alone paper-trades about 5 billion ounces of silver a year against only 800 million ounces mined, cites Wall Street’s 18-year high in base-metal M&A, and warns that Morgan Stanley’s new 20% commodities allocation advice serves the banks’ own deal pipeline, with retail investors last in line.
Real assets lockout: Countries that control any part of a physical supply chain are locking others out, such as China restricting sulfuric acid exports needed to make copper products after the US only added copper and silver to its critical minerals list in November 2025. Prins says this phase of the supercycle is accelerating beneath the headlines and stands by her $6,000 gold prediction for year-end after January’s $5,500 high.
US debt math: The government owes about $40 trillion and must pay interest before building roads, power plants, or hospitals, has not reduced its debt since the financial crisis, and taxing 100% of paychecks would not dent the growth. She believes the Fed’s balance sheet has grown over the past six months precisely because it is the only remaining backstop, as foreign central banks buy less US debt.
Warsh’s power play at the Fed: The new chair’s short FOMC statement and abandoned forward guidance were misread as hawkish; Prins reads it as consolidating power, since removing guidance gives the Fed more flexibility to cut once oil falls from its $138 highs and inflation recedes. She notes Warsh’s term outlasts Trump’s and that “the most powerful leaders say very little, assess the situation, then go in for the kill.”
Paper versus physical silver: The SLV ETF paper-trades roughly 5 billion ounces per year against only about 800 million ounces mined globally, in a sixth straight year of deficits. Having gone a mile and a half underground at Aya’s pure-play silver mine in Morocco, she stresses the enormous labor and engineering behind each ounce, which price selloffs do nothing to change.
Wall Street’s commodity deal machine: Base-metal M&A hit an 18-year high with banks collecting fees for brokering, financing, and share issuance on every deal, and Morgan Stanley’s shift from 60/40 to a 20/20 bond/commodity allocation aligns client money with the banks’ own deals. De-dollarization is real but gradual: China cut Treasuries from $1.3 trillion to about $620 billion, gold has overtaken Treasuries as the top central bank reserve asset, and Iran has run a functioning yuan-payment tollbooth for oil through the Strait.
Alasdair Macleod argues silver’s price action is irrelevant because buying it is simply an exit from fiat currencies that “are going to zero,” and warns that sideline traders waiting for a further correction will chase the metal all the way up — through $100, $150, $600 — once the move begins, with the metal going “ten times above where it is now.” He contends China has managed the silver price for decades, reversed its policy of exporting 3,000-5,000 tons a year around late September, imported 1,626 tons in Q1 2026 alone (annualizing over 5,000 tons), and is running a central bank version of a von Mises crack-up boom by dumping fiat earnings into silver, gold, copper, and commodities, while its state gold accumulation since 1983 may total 20,000-25,000 tons beyond the 28,000 tons delivered to citizens through the Shanghai Gold Exchange. He sees Hong Kong’s new gold clearing system with JP Morgan and Deutsche Bank aboard, China’s ban on new leveraged retail paper-gold positions after July 24, and the 1973-74 oil-shock template — when gold nearly doubled in four months once investors realized inflation meant falling currency purchasing power — as a model for what happens now, with G7 debt-to-GDP averaging 125% versus 40-45% then, meaning the entire G7 is already in a debt trap.
Stack, stack, stack: Macleod refuses to give a silver price target because the story is fiat debasement, not silver appreciation; traders waiting to buy the dip will miss it and chase the price through $100, $120, $150 and higher, with the metal ultimately going 10x. He says one might as well buy gold, copper, or oil — anything deliverable — just to get out of fiat currencies.
China reversed its silver management: China long suppressed silver under $50 by exporting 3,000-5,000 tons annually to cover the West’s structural deficit, then reversed around late September alongside the rare-earths fight, sending silver from $50 to $120. In Q1 2026 China imported a record 1,626 tons (5,000+ annualized) with no export figures published, plus roughly 200 tons of non-monetary gold through May.
Hong Kong’s gold ecosystem: The PBOC quietly freed gold exports from central bank permission, connecting the Shanghai Gold Exchange to the new Hong Kong clearing system signed by six major banks including JP Morgan and Deutsche Bank, with vaults in Hong Kong, Saudi Arabia, and possibly Southeast Asia and Zurich. Macleod estimates China’s state holdings at 40,000+ tons across categories and says Beijing could one day simply declare a gold-yuan exchange rate.
Paper gold shutdown as short covering: China’s banks, short like COMEX swap dealers, simply ordered everyone to close leveraged paper gold positions by July 24 — “you want out? Just tell everybody to close” — at conveniently suppressed prices, while COMEX open interest sits at multi-decade lows. Chinese household savings of 30% of GDP (roughly $5-6 trillion a year) are now being steered toward gold accumulation accounts instead of speculation.
The 1973 template and the G7 debt trap: In 1973-74, gold fell to $90 on the first oil shock then nearly doubled in four months once investors grasped that inflation meant currency collapse, with UK inflation reaching 25% and Japan’s 30%. Today’s SPR is running on fumes, deficit spending masks G7 private sectors that have been contracting for years, and with G7 debt-to-GDP averaging 125% versus about 40-45% in 1973, bond yields will break out and “you should get the hell out of credit into real money.”
Miles Franklin president Andy Schectman argues the January metals crash was structural rather than fundamental — citing the BIS itself — driven by ETF rebalancing, CME margin hikes from $15,000 to $54,000 per 5,000-ounce silver contract in four weeks, public capitulation selling, and dealer 2026 allocation purchases, a combination that shut down every US refiner and left the industry 16 weeks backordered. He believes the suppressed price is deliberate misdirection while the biggest money stands for delivery: 4.1 million ounces of gold and 26 million ounces of silver delivered on COMEX in February alone (with 39 million ounces — about $4 billion — trucked out), 18 straight months of exceptional deliveries, roughly $13 billion in gold deliveries in June, and record Chinese silver imports in Q1, and he speculates the buyer is the US Exchange Stabilization Fund acting through commercial banks and Tether, so the government can let gold rise and softly default on the dollar to escape Triffin’s dilemma and reshore manufacturing. With central banks having bought record gold in Q1 2026, COMEX open interest near historic lows, half the stock market owned by mom-and-pop retail leveraged through $1.4-1.5 trillion in margin debt, and Rick Rule noting only half of one percent of the public owns gold, he says even a 5% shift of US wealth into metals would be a tenfold demand increase that “would blow the doors off anything we’ve ever seen.”
Structural, not fundamental crash: The BIS itself said the metals move was structural while fundamentals worsened; the wipeout combined ETF prospectus rebalancing in the first week of January, CME margin requirements jumping from $15,000 to $54,000 per contract in under four weeks, mass public capitulation selling, and dealers’ mandatory 2026 mint allocations. The move destroyed every US refiner and left the industry 16 weeks backordered, the worst conditions Schectman has seen in 36 years.
Unprecedented COMEX deliveries: February saw 4.1 million ounces of gold and 26 million ounces of silver delivered, with 39 million ounces of silver (160% of deliveries, ~$4 billion) trucked out of COMEX vaults, part of 18 consecutive months of deliveries and roughly $13 billion in gold standing in June. For his entire 36-year career less than 1% of contracts stood for delivery; buyers are now demanding specific numbered bars through two-party warrants.
The ESF-Tether theory: Schectman speculates the buyer is the Exchange Stabilization Fund under Scott Bessent, acting by proxy through commercial banks, with a deal involving Tether — the largest gold buyer in the world outside the central bank of Poland, now headed by former Trump crypto czar Bo Hines. The goal: let gold rise to softly default on the dollar, resolve Triffin’s dilemma, and enable reshoring, with JP Morgan’s $920 million manipulation fine as precedent that “conspiracy” can be reality.
China’s new price-setting exchanges: Hong Kong’s price-setting exchange opened with incentives including a year of free dollar lending on gold futures, and together with Singapore aims to wrest price discovery from London and New York, where the paper tail wags the physical dog. With COMEX open interest collapsed to almost nothing, small demand can now produce outsized moves as players “pick up their toys and find another sandbox.”
Retail asleep, tenfold potential: The public is all-in on about ten stocks with record margin debt of $1.4-1.5 trillion while Rick Rule says one half of one percent has any gold exposure; Morgan Stanley’s CIO says sell half your bonds and put 20% in gold, Bank of America’s Hartnett says 25%. Central banks bought their largest quarterly gold total ever in Q1 2026, and a mere 5% retail shift into metals would multiply demand tenfold and overwhelm the market.
In this long-form conversation with Lex Fridman, Robert Breedlove argues that central banking is a Marxist institution — plank five of the 1848 Communist Manifesto — antithetical to the free-market principles America was founded on, that inflation is “legalized counterfeiting” and theft integrated into money, and that it artificially amplifies perceived scarcity, breeding the divisiveness behind phenomena like cancel culture. He presents Bitcoin as the discovery of absolute scarcity and the perfection of money’s five properties (divisibility, durability, recognizability, portability, scarcity), a fixed 21-million supply enforced by the difficulty adjustment that no amount of energy can inflate, making it the open-source monetary network destined to devour closed central-bank networks just as the internet devoured intranets. He contends government bans are unenforceable against pure information — code is speech protected by the PGP precedent — that gold was the original “governor of governments” whose portability failure birthed central banking, and that Bitcoin exposes “the greatest scam in human history, which is political authority.”
Central banking as communist plank: Measure five of the 1848 Communist Manifesto demands exclusive state monopoly over cash and credit, making the Fed antithetical to US founding principles; America disbanded two national banks and Andrew Jackson fought the bankers before the Federal Reserve arrived in 1913, and “it’s been all downhill from there.” A Soviet-style pricing bureau processes only ~20,000 people’s judgment versus a free market harnessing every actor’s 120 bits per second of awareness.
Inflation as moral cancer: Inflation is legalized counterfeiting that injects uncertainty into society’s insurance policy against uncertainty, shortens time preference, and via Gary North’s winemaker parable pushes producers to secretly degrade products, spreading deceit through the economy. By artificially raising prices it amplifies perceived scarcity and human combativeness, which Breedlove links directly to cancel culture and social decay.
Bitcoin as absolute scarcity: Bitcoin perfects all five monetary properties and is a one-time discovery of absolute scarcity: no matter how much energy is thrown at mining, the difficulty adjustment keeps supply on its fixed curve to 21 million by 2140, achieving 0% unexpected inflation. Node operators can audit the entire supply at any time, something no money in history allowed, and lost coins are “anti-dilutive” contributions to everyone else.
Why bans fail and altcoins lose: The PGP case established code as First Amendment speech, jurisdictional bans just push capital and innovation to friendlier countries, and governments are made of individuals who will personally accumulate Bitcoin as an insurance policy against its success. Money is a winner-take-all network valued by liquidity, which is why Bitcoin Cash’s fork failed empirically and why there will be one digital gold just as there was one analog gold.
Money as energy and proof of stake rejected: Building on Michael Saylor’s framing (Saylor’s MicroStrategy had acquired ~$2 billion in Bitcoin), money is the highest form of energy a human can channel, with gold historically the token of the market’s excess energy and its ~$1,900 production cost keeping producers honest. Proof of stake is “inherently centralizing” — the Matthew principle where those who have get more — while proof of work embeds skin in the game and roots sound money in thermodynamic reality.
Peter St Onge reports that new Fed chair Kevin Warsh used his first FOMC meeting to announce five operational changes — slashing the market-manipulating policy statement, improving inflation data that over half of Americans distrust per a YouGov poll, cutting mission creep like Powell-era climate and DEI projects, and reviewing the $7 trillion balance sheet whose money printing drove Biden-era inflation — while holding rates steady at roughly neutral. St Onge argues the deeper issue is that the Fed itself causes both inflation and recession through its boom-bust rate manipulation, and true regime change would mean letting markets set rates, swearing off QE, and letting overextended banks fail and be auctioned rather than bailed out, since the Fed’s few legitimate functions are already handled by Treasury and the OCC. He concludes Warsh is no revolutionary — his regime change is “closer to rearranging the silverware” — so expect improvements only on the edges from the 17th Fed chair’s boom-bust cycles.
Warsh’s five reforms: At his first FOMC meeting, Warsh slashed the policy statement used to manipulate markets, pledged better data, targeted bureaucratic mission creep including Powell’s climate and DEI initiatives, promised a focus on price stability, and launched a review of the $7 trillion balance sheet. Rates were held steady at basically neutral, with member expectations crawling up on oil-driven inflation but no panic hikes.
Distrusted inflation data: A YouGov poll last year found over half of Americans with an opinion do not trust government inflation numbers, and St Onge says the Fed has painted itself step by step into data nobody believes. Fixing the statistics is long overdue and central to restoring any credibility.
The balance sheet and Biden inflation: The $7 trillion in accumulated assets — mostly federal debt bought with dollars typed into Excel sheets “in the basement” — was the main driver of Biden-era inflation. Warsh has argued for years to pawn it off and cancel the dollars to bring rates down for Main Street, taking from Wall Street, though Wall Street could seize as in the taper tantrums if it is cut too fast.
Abolish, don’t fix: St Onge argues the Fed is the cause of both inflation and recession — manipulating rates down until prices take off, then hiking into recession — and its legitimate functions like payments and bank oversight already exist at Treasury and the OCC. All the Fed adds is “a counterfeiting cartel and bank bailouts”; real regime change means market-set rates, no QE, no policy statements, and failed banks auctioned off rather than rescued.
Rearranging the silverware: Warsh is not a revolutionary; expect edge improvements — less climate talk, perhaps honest data, hopefully restrained boom-busts — but the creature from Jekyll Island survives. St Onge notes 16 prior Fed chairs all produced boom-bust cycles and directs readers to profstonge.com for the charts.
Matthew Piepenburg of Von Greyerz argues the real story hiding behind gold’s 5%-off-highs price action is a seismic collateral shift: central banks now hold more gold than US Treasuries, have bought 200+ tons in 10 of the last 11 quarters (China buying 160 tons in May alone), and the BIS has made gold a tier-one asset, meaning gold — not the weaponized, distrusted 10-year Treasury — is becoming the world’s trusted collateral. He says the US has a “Banana Republic balance sheet” with $40 trillion in public debt and a trillion-dollar interest expense, real inflation near 10-12% versus the “comical” BLS 4.2% means bond buyers are getting robbed with negative real yields, and Kevin Warsh talks hawkish while quietly waiving Basel III compliance — releasing $88.7 billion in bank capital reserves leverable 10-to-1 into roughly a trillion dollars of backdoor liquidity. He frames the Iran war as a lost proxy war with China over the petrodollar, the Genius Act’s stablecoins as desperate synthetic demand for unloved Treasuries (a $320 billion market projected at $2 trillion by 2028), and China’s Hong Kong settlement system with 10x vault expansion as the mechanism for fair, physical gold price discovery to replace “legalized price fixing” in London and New York.
Gold is the new collateral: Central banks hold more gold than US Treasuries, stacked at 5x levels since the 2022 weaponization of the dollar, with over 200 tons bought in 10 of the last 11 quarters and China taking 160 tons in May; the BIS made gold a tier-one asset. Piepenburg calls it a sea change in the 145-trillion-dollar bond world: gold is now trusted more than government IOUs.
Negative real yields and the inflation lie: Take the L out of BLS — official 4.2% CPI versus real inflation of 10-12% means a 4.48% 10-year robs holders of 5-6% the moment they bid, which is textbook financial repression: pretend positive real rates while running negative ones to inflate away debt. The 10-year rose 75 basis points with the Fed doing nothing, and the DXY didn’t rip, betraying the currency’s weakness.
Warsh’s hawkish talk, backdoor liquidity: While preaching 2% price stability, Warsh fast-tracked non-compliance with Basel III, freeing $88.7 billion in required bank capital that can be levered 10-to-1 into roughly $1 trillion of new lending — off the Fed’s balance sheet and invisible to headlines. Piepenburg says Warsh is mathematically already more dovish than post-pivot Powell, and all non-QE eventually becomes outright QE.
China’s physical repricing of gold: ICBC halted leveraged paper gold trading effective July 24 with 140% margins, while Shanghai’s clearing deal with Hong Kong — whose vault capacity grew 10x — builds a settlement exchange based on physical supply and demand instead of COMEX’s 10-to-1 paper claims. He recalls the head of the Shanghai exchange telling Western bankers in 2014 that “very soon, China will be setting the gold price.”
Stablecoins as the new petrodollar: With 20% of global oil purchases already outside the dollar and the Iran war a lost proxy fight over petrodollar hegemony, the Genius Act forces stablecoin issuers to buy Treasuries, creating synthetic demand — a $320 billion market projected to hit $2 trillion by 2028, joined by 140 companies from Blackstone to DoorDash backing a digital dollar unit. He calls it genius, devious, and absolutely desperate, and notes private credit is 2008’s bad-loan crisis in a Hermès tie, with derivatives at four times global financial assets and a $90 trillion perpetual futures market.
SATIRE
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