from Balaji | by Balaji

Everything is bust. Banks, commercial real estate, blue states. Hearing rumblings around insurance too. The printing will be on a historical scale. As will the desire to exit the printing. t.co/1CYulSV5PN t.co/ZQADD0jUZZ

On the topic of insurance...you know all those "safe" assets that insurers hold to pay you back? A lot of that is in Fed-devalued bonds too. t.co/MTZOEKzNwj t.co/LuEIfWyFuH

Remember, insurers hold "safe" assets. Like bonds and mortgages.[1] And how are those safe assets doing? In the era of unprecedented, surprise rate hikes? Not so great, Bob. [2] [1]: t.co/SQgfVDBhAq [2]: t.co/MTZOEKzNwj t.co/Mk9M0nK8Tz

Trusting central banks meant death. "Think of those companies that...trusted central bankers’ statements about the ongoing era of ultra-low interest rates...turned out to be a bloodbath..." t.co/MTZOEKzNwj t.co/vE4VyWZHxx

This isn't just a financial crisis. It's a fiat crisis. All the bills are coming due. Only a few pieces have come into public view. But it'll be obvious in retrospect: don't trust the state. Here's a bit on the prospects of commercial real estate. t.co/ISjEGSLRm7