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