Submitted by QTR's Fringe Finance

As far as my macro outlook goes, I think I've been pretty clear: over time, I expect nominal prices of everything to drift—no, march—higher as governments and central banks eventually capitulate to the obvious: their only escape route from the irresponsible, slow-motion debt disaster they engineered is to quietly (or, recently, not so quietly) brutalize the middle and lower classes through inflation.

It's not elegant, it's not moral, but it's historically reliable and gets politicians and bankers off the hook of taking actual responsibility—so of course it's the easy choice.

That said, for the last year or two I've also argued that once the consumer and the broader economy finally run out of steam, we'll see a sharp deleveraging event. A quick, violent move lower—one that unwinds years of easy money, risk-free speculation, and the hilariously reckless funding of things that, in hindsight, will look indistinguishable from hot air. (Think: Fartcoin, Dogecoin, Ethereum treasury companies, cash burning SPACs or any other asset whose primary utility is generating memes. This blog excluded, of course.) The tidal wave of hubris and euphoria that's defined the last decade eventually gets taken out back and put down. Frankly, it's years overdue.