We're witnessing a historic compression in high-yield credit spreads—and it’s not just a late-cycle technical fluke.
My thesis: we are seeing the gradual dissolution of the line between the private sector and the state. As corporations and government fuse into a single, encompassing Totalitarian State, the distinction between public and private risk disappears.
The market begins to price corporate credit just like sovereign debt hence abolishing the spread.
The direction is clear: credit spreads are trending toward ZERO, a world where risk itself is socialized and market discipline vanishes and is replaced by STATECRAFT.
We may never reach absolute zero, but the journey toward it reflects the new reality—where markets are swallowed by an Hegelian type all encompassing State.
My thesis: we are seeing the gradual dissolution of the line between the private sector and the state. As corporations and government fuse into a single, encompassing Totalitarian State, the distinction between public and private risk disappears.
The market begins to price corporate credit just like sovereign debt hence abolishing the spread.
The direction is clear: credit spreads are trending toward ZERO, a world where risk itself is socialized and market discipline vanishes and is replaced by STATECRAFT.
We may never reach absolute zero, but the journey toward it reflects the new reality—where markets are swallowed by an Hegelian type all encompassing State.
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。