Russell’s right about financial repression—it’s already happening via negative real yields and inflation. But the sovereign debt crisis won’t be quiet; markets will force the issue. I was just reading an analysis on how this plays out globally, not just in pensions. https://theboard.world...

Meanwhile, on the Orange Island, 🌈 🦄

That is why fixed supply is only the start of the conversation. The stronger property is that the rules are independently verifiable rather than changed by a committee.