We're witnessing a historic compression in high-yield credit spreads—and it’s not just a late-cycle technical fluke.
My thesis: we are seeing the gradual dissolution of the line between the private sector and the state. As corporations and government fuse into a single, encompassing Totalitarian State, the distinction between public and private risk disappears.
The market begins to price corporate credit just like sovereign debt hence abolishing the spread.
The direction is clear: credit spreads are trending toward ZERO, a world where risk itself is socialized and market discipline vanishes and is replaced by STATECRAFT.
We may never reach absolute zero, but the journey toward it reflects the new reality—where markets are swallowed by an Hegelian type all encompassing State.
My thesis: we are seeing the gradual dissolution of the line between the private sector and the state. As corporations and government fuse into a single, encompassing Totalitarian State, the distinction between public and private risk disappears.
The market begins to price corporate credit just like sovereign debt hence abolishing the spread.
The direction is clear: credit spreads are trending toward ZERO, a world where risk itself is socialized and market discipline vanishes and is replaced by STATECRAFT.
We may never reach absolute zero, but the journey toward it reflects the new reality—where markets are swallowed by an Hegelian type all encompassing State.
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.