Cycles of Change

The United States owes more than 36 trillion dollars. This debt grows by about one trillion dollars every hundred days. The government pays over 900 billion dollars each year just on interest. That is more than the country spends on defense. This [...]

In the architecture of global finance, the United States Treasury market serves as the bedrock of risk-free collateral. It is the foundation upon which nearly all other asset classes are priced. However, this purported stability relies on a [...]