“In the past 5 years the amount of UST’s the US needs to roll over every year has risen by nearly 15% CAGR, the while US nominal GDP is just over 2%. A 1200bp gap isn’t sustainable for very long, yet the overwhelming consensus [assumption] is that it’s sustainable for decades.”
Luke Gromen
“The first panacea for a mismanaged nation is inflation, the second is war. Both bring temporary prosperity; both bring permanent ruin. But both are the refuge of political and economic opportunists.”
Ernest Hemingway
Big talk from Mr. Hemingway, whose books glorified war and made it seem like a “romantic cause” for the millions who read them.
Start at the start, Ernie. Mis•man•agement. Nations are but a symptom.