Sometime in August, inflation-adjusted US Treasury yields actually went positive from the 5 years bond out. Feels like a positive sign, but still gnawing at the puts and takes. Seemed worth mentioning regardless.
- The one unquestioned piece of bad news is that our opportunity to have the Chinese PAY US A PROFIT MARGIN on borrowings to rebuild crumbling infrastructure has now passed.
- The fact that we didn’t take more advantage of that free money is going to go down as one of the most long-term-stupid, self-inflicted wounds of the current political crisis we find ourselves in.
I would show the truly lovely US Treasury charts showing comparative real and nominal rates, but they aren’t willing to share. Go to
