The Treasury Secretary had a revealed preference moment this week and showed he will defend the bond market at the expense of the currency. His department is literally buying duration from the market and financing it with cash-like bills while calling it "liquidity management". The market responded as if it were saying there's no way sacrificing the currency can pull more physical resources out of the ground faster. The state department is engaged in a loser of a war at the location of nearly a quarter of global energy production and throughput and have zero elegant ways to get out. The Treasury has been issuing 60% bills (in ever growing amounts) for two years and keeping long end issuance flat like the biggest economy on Earth is a banana republic. The Fed has talked tough on inflation that has been above target for 65 months and the new chair holds disaster press conferences where he cannot articulate a single substantive view for the path of policy despite clearly loose financial conditions. Demographics of every major economy are flat or negative and they're sitting on over a hundreds trillions worth of unfunded promises in the form of pensions/entitlements, combined. The AI buildout continuing is now a matter of national security. The state is funneling tens of billions of dollars of off-budget credit into strategic industries via the export-import bank and buying stakes in dozens of companies via the Commerce Dept. We now have brokerage accounts for infants. The president's family owns a business that now has a banking license and issues its own stablecoin. The state is declaring it wants US to be the crypto capital of the world. The Treasury is working to tokenize the financial system and then pump trillions of dollars of stablecoins into under-served markets around the the global economy to sustain dollar dominance, expanding access to U.S. assets and creating a potentially large volume of new demand for more short term govt paper. National debt is $40T. The current President has added more to the debt total in his full time in office than any president in history. Various major governments are openly weighing paths to capital repatriation and financial repression in full view of the public eye. Debt to GDP is at WW2 levels and there is no planet in god's creation where they can reverse it without heinous capital controls and a couple decades of rampant debasement. All of this is happening right now... today... and you're bearish Bitcoin of all things? Brother in Christ.(𝐓𝐗𝐌𝐂)