Executive Summary
Luke Gromen presents a compelling case for an imminent poly-crisis driven by Treasury funding stress, AI capital competition, and geopolitical power shifts. The U.S. is rolling $550B/week in T-bills (up from $100B in 2013) while hedge funds own 37% of long-term Treasury issuance. Market Consensus: Fed cuts will restore normalcy and Bitcoin/tech will resume uptrend. Variant Perception: We're entering fiscal dominance where rate cuts increase deficits/inflation while rate hikes worsen debt sustain...
Key Investment Opportunity
Gold's Historic Decoupling from Dollar Strength
For the first time in decades, gold may outperform the dollar during a liquidity crisis. Traditional safe-haven flows to Treasuries are permanently impaired after 2022 sanctions demonstrated political risk. Sovereigns understand gold as the ultimate debasement hedge and are structurally shifting all...
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