Western sovereign bonds are back in the headlines, but much of the discussion we are reading is missing critical context…”missing the forest for the trees” you might even say.  This slide deck is an attempt to refocus investors on critical context we see most investors, analysts, and policymakers ignoring: 1. Bonds, USD, or Entitlements are a bubble. 2. The long end is likely going higher regardless if the Fed cuts or holds rates steady(on inflation

The United States is not going to have a debt crisis as long as we keep issuing our debts in our own currency.  -Warren Buffett, 2011 We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power. This is why the issue ultimately has to be resolved in terms of do we have the material goods and services that people will need to consume, not