Debt

France is going through a critical period in its history. The country's democratic and political crisis is now compounded by the possibility of a financial crisis.

Mitch Vexler, a real estate developer turned whistleblower, detailed what he considers to be a ticking time bomb at the heart of the US financial system: the way property taxes fuel public school funding and school bonds.

On September 8, the French government will face a decisive confidence vote. The risk is clear: if the government fails and the general strike brings the country to a standstill, France could plunge into a systemic bond and banking crisis within a matter of days, with no credible political support...

We are at a turning point. Markets are behaving as if the liquidity party could last forever, even though the hidden reserve that supported it has disappeared. And it is precisely this kind of configuration that paves the way for the most brutal reversals.

European public funds are pouring into Italy and Spain and largely explain their GDP growth. In France, it is based on spiraling public debt, while in Germany activity is stagnating, held back by soaring energy costs and the loss of its traditional markets.

The obvious loss of effectiveness of the Bank of Japan's interventions is reflected in the immediate reaction of assets deemed to be barometers of confidence, foremost among them gold in local currency.

Debt is in bad shape, especially its premium component, US Federal debt, due to Trump's budget deficit, which is becoming increasingly difficult to finance. We are witnessing the beginnings of a flight from the bond market towards assets which have intrinsic value: gold.

Japan is said to have agreed, in return for tariff cuts, to use part of its sovereign wealth funds to finance US strategic projects. Confidence is crumbling. Gold is becoming the last credible refuge for Japanese households and institutions.

The BRICS have placed at the heart of their arguments the urgency of sovereignty for all nations, the end of globalization as we know it, and an ideological change in the face of the civilizational crisis that the West is undergoing. From an old world based on excessive financialization and limit...

Government bonds are no longer perceived as risk-free assets, and their long-term growth potential is now in doubt. In this context, accelerating the pace of debt emissions becomes a real challenge. If the Fed were in turn to intervene in very short maturities to artificially support Treasury emi...