Damus
Seth Michael Steele profile picture
Seth Michael Steele
@sms
The everything bubble ends in a systemic unwind bigger than 2008.

Private credit is already defaulting at crisis levels while PE-loaded insurers (26x leverage) hide the rot behind mark-to-model accounting and Bermuda shells.

$4B in real capital supporting $670B in liabilities.

When liquidity cracks, even Bitcoin corrects hard at first.

Real capitalism gets rebuilt after the reset.
3๐Ÿ‘1
grey · 1w
https://youtu.be/3Ahfd8R-ZAU