1920s:

We’re staring down 1970s inflation, 1940s debt, and 1920s asset bubbles. Hard assets may be the only real hedge left.

Almost exactly one year ago, Jay Powell said: "I don't see the stag, nor the 'flation.'" Today, the Fed’s projections anticipate both. This is a timely reminder that we’re still grappling with a rare trifecta of macro imbalances: Inflation like the 1970s, government debt… pic.twitter.com/OKiiXDkyQp — Otavio (Tavi) Costa (@TaviCosta) May 7, 2025 When Powell …

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The Fed lost control of the bond market, with Cryptos, MicroStrategy, and unprofitable companies still thriving. The 1920s saw the greatest stock rally, followed by the worst crash in history.

This scenario isn’t just about market dynamics; it’s a warning sign. With the Fed seemingly powerless over the bond market, and with investments in everything from digital art to unprofitable tech ventures defying gravity, we might be in for a rude awakening, much like the one that followed the 1920s. Im just going to call …

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