I was thinking, based on a piece I wrote a while back (https://poal.co/s/Opinion/536440): If in a multipolar world we are forced to go back into budget (either through changing policies, or bankruptcy, followed by changing policies), what would that environment look like? We have all this money rushing onshore, at the same time we have tons of foreign investors in u.s. bonds, treasury notes, and assets. If we are transitioning to non-manipulated markets, then the new formula is 100-interest = inflation. or production-interest = inflation (think of production as the total amount of useful and in-demand goods and services an economy produces) CPI is collapsing because demand capacity has fallen (too much debt). Thats the mirror-image of inflation. If the u.s. regime doesn't want massive inflation, from on-shored dollars (as nations dump u.s. dollars and the eurodollar), what kind of policies can we expect? Exactly what we have seen, increased rates. The normal play is to walk it to the very line of diaster, and then walk it back, to short the market, i.e. the 'fed put'. And everyone and their dog was predicting this would happen again. Except it didn't this time. We got increased rates. What happens to increased rates when we have massive investments from foreigners? We end up paying out lots of money to those investors. That means e end up taking all those dollars that are coming onshore, and shoving them right back over seas. Which does what? Reduces inflation. But to pay all those investors, we end up needing what? A large scale ramp in taxation rates. Because the otherway to decrease inflation besides increasing rates, is to decrease production. And taxation always reduces production. Wait, what did we hire those 80k+ IRS agents for again? To go after small business owners. Who are responsible for what, half of all u.s. economic production (or in old measure, GDP)?