The US Treasury is now operating like a distressed hedge fund.

I dug into the issuance data. We just hit a record $25.4 TRILLION in T-Bills over the last 12 months. That is 69.4% of total Treasury issuance.

Why does this matter? Because the government can no longer afford to lock in long-term rates. They are funding the Empire on short-term paper.

If the Fed raises rates, the interest expense bankrupts the country. They are trapped.

The only path forward is to monetize the debt. I am betting on the printer here.

Liquidity is nearly here imo.