The Single Most Important Chart in the World is Flashing “Danger”

The single most important chart in the world is flashing “danger.”

The defining issue of the last ~45 years has been the secular bull market in bonds. From 1980 until 2022, the yield on the U.S. debt (called Treasuries) was in a downtrend. In the very simplest of terms, this meant that throughout this time period, debt became ever cheaper to service. As a result of this, every entity in the U.S. whether it be corporations, municipalities, and even the U.S. itself as a sovereign nation, went on a debt binge.

Today, there is there is $3.4 trillion in municipal debt, $14 trillion in corporate debt, $20 trillion in household debt, and $37 trillion…

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