| 00:00 - 00:05 | The fiscal deficit started to decouple from the economic cycle back in 2017. |
| 00:05 - 00:07 | Bond vigilantes were like, "come on guys, this is getting out of hand." |
| 00:07 - 00:10 | But bond bulls were like, "this is fine. I'll buy the bonds." |
| 00:11 - 00:16 | They said we'll have deflation as far as the eye can see. |
| 00:17 - 00:21 | Then Uncle Sam prints TRILLIONS in 2020. |
| 00:21 - 00:24 | Throws money everywhere. |
| 00:29 - 00:31 | A firehose. |
| 00:31 - 00:34 | Stocks, real estate, gold, bitcoin all soar. |
| 00:38 - 00:40 | To the moon. |
| 00:41 - 00:47 | The bond bulls double down, saying this is not money printing. They say it won't cause inflation. |
| 00:47 - 00:50 | So they just keep loading up on bonds. |
| 00:50 - 00:56 | Then four-decade-high inflation comes and just wipes them out. |
| 00:58 - 00:59 | Just totally rekt. |
| 00:59 - 01:01 | Completely destroyed. |
| 01:04 - 01:06 | Their bonds are on fire, |
| 01:06 - 01:08 | and they're still saying it's fine. |
| 01:13 - 01:14 | People, |
| 01:14 - 01:16 | buying treasuries at 1% yields, with 100% debt-to-GDP. |
| 01:16 - 01:20 | They should have read Dalio. Now they're getting "beautifully deleveraged." |
| 01:21 - 01:27 | It was literally the worst bond bear market in a CENTURY. |
| 01:35 - 01:36 | Printing under Trump. |
| 01:36 - 01:39 | Printing under Biden. |
| 01:41 - 01:44 | But then Trump 2.0 wins. Says he'll fix this. |
| 01:44 - 01:47 | Gonna get Elon Musk in here to fix it. |
| 01:47 - 01:49 | People believe. |
| 01:50 - 01:53 | Gonna cut a trillion from the deficit. |
| 01:54 - 01:56 | A trillion. |
| 01:56 - 01:58 | "But you won't feel it." |
| 01:58 - 02:02 | "Social Security safe. Medicare safe. Strengthen the military." |
| 02:05 - 02:07 | A trillion. |
| 02:10 - 02:11 | A trillion. |
| 02:11 - 02:13 | Gonna cut a trillion. |
| 02:15 - 02:17 | But people really believed. Despite everything. |
| 02:17 - 02:20 | Meanwhile, bond bulls still in shambles. Remember them? |
| 02:21 - 02:28 | Lyn Alden's writing before and after the election. Nothing stops this train. Who the hell is Lyn? |
| 02:29 - 02:30 | Referencing Walter White? |
| 02:30 - 02:32 | Yeah from Breaking Bad. |
| 02:36 - 02:39 | Deficits are bigger in 2025 than 2024. |
| 02:40 - 02:42 | Then the "Big Beautiful Bill." |
| 02:50 - 02:55 | Musk is furious. Says Trump's in the Epstein files. Then deleted it. |
| 02:56 - 02:58 | What about the DOGE cuts? |
| 02:58 - 03:04 | It's all nickels in front of a steamroller. Won't touch the big stuff. Was obvious ahead of time. |
| 03:04 - 03:09 | But people wanted to believe. Need hope you know? |
| 03:09 - 03:11 | I shouldn't be laughing, but what can you do? |
| 03:16 - 03:20 | Laughing keeps you sane. |
| 03:23 - 03:26 | Deficits blowing out as far as the eye can see. |
| 03:31 - 03:36 | Just buy scarce assets. Nothing stops this train. |
