From Euphoria to Withdrawal
The Urgent Case for Letting Creative Destruction Run Its Course As of this morning, the 30-year Treasury yield has punched through 5.117 percent, the highest print since the final desperate leg higher before the 2008 Global Financial Crisis. The 10-year note is ripping higher in real time, mortgage rates are barreling toward 7 percent, and forced liquidations are cascading across gold, silver, Bitcoin, and equities. Trillions in notional value have vanished in minutes. Margin calls are flying. The bond vigilantes aren’t panicking; they are simply refusing to lend America’s future income at yesterday’s fantasy prices anymore. This is not a “crisis.”…
