US Treasury market is the biggest bubble relative to stocks because the US has record receipts ($5.5 trillion) but 7x that in debt, hasn't run a surplus in 24 years, and has 4-20x (20x of revenue) in off-balance sheet liabilities (Medicare, Medicaid, Social Security) plus $8 trillion spent in Middle East wars to achieve nothing.
causalpending
Speaker
Luke GrmanEvidence Quote
“We have debt of seven times record receipts. We haven't run a surplus, a profit. We haven't run a surplus in 24 years. And we've got off-balance sheet liabilities that are I don't know what four times four times GDP 20 times all-time record revenues”
Created: 8/11/2026, 7:37:17 AM
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