Blog Archive

Treasury Buybacks Cannot Buy Credibility

Why Treasury buybacks can worsen the borrowing problem when markets demand a higher term premium for fiscal risk.

Treasury Buybacks Cannot Fix Borrowing Costs

Treasury buybacks look like debt management. In a rising-rate market, they can quietly increase refinancing costs and weaken credibility.

AI’s Collateral Problem Is Coming

The real AI crash risk is not bad software. It is debt secured by data-center hardware that loses value faster than loans mature.

The Buyback Discount Is a Fiscal Trap

Treasury buybacks at steep discounts look prudent until they replace cheap fixed debt with expensive short-term refinancing risk.

AI Depends on the Magnets Nobody Sees

Rare-earth magnet controls could turn AI data-center construction into the real pressure point in US-China relations.

The Debt Rollover Trap Behind Five Percent

A 5% Treasury yield is not the immediate threat. The real damage arrives as old cheap debt matures and must be refinanced.

AI Is Raising Everyone Else’s Cost of Capital

The real AI crowding-out risk is not venture funding. It is hyperscalers consuming long-duration bond market capacity.

Fast Builds Create Expensive Empty Shells

AI data centers are being built faster than power can arrive. The real risk is the energization gap that turns speed into stranded capital.

Connect with me

I don't have a newsletter, but I share daily thoughts and updates on social media.

Contact Me Follow on X