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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免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。