The whole global financial system leans on a promise backed by math that doesn’t add up. Pretending these bonds are safe while ignoring the ballooning off-balance-sheet debts is the biggest confidence trick ever sold. Eventually, reality crashes the party.
$1.4B Fartcoin is what you get when the "risk free" asset underpinning the entire banking & currency system is a bond issued by an insolvent govt w/debt of 7x revenues, off-bal sheet liabs of 20-30x revenues, peacetime deficits of 7% of GDP, that has not run a surplus in 24 yrs🤷♂️ https://t.co/5siVMLU7Le
— Luke Gromen (@LukeGromen) July 27, 2025
Global money supply is soaring:
China’s M1 money supply is now up +4.6% YoY, to a record $16 trillion.
This marks an acceleration from the +2.3% increase in May and the +0.4% increase at the start of the year.
China’s M1 is twice as large as the US’s M1, excluding savings… pic.twitter.com/yGnY28EwqX
— The Kobeissi Letter (@KobeissiLetter) July 28, 2025