World Blog by humble servant.Sovereign Debt Crisis: The U.S. Stock Rally & The Trap of 2026- 2028.
He didn’t need a spreadsheet to smell the rot. He had smelled it in 1906, and again in the autumn of 1929. The names change on the brass plaques, the speed of the transmission leaps from ticking copper wheels to microscopic pulses of light, but the anatomy of human frenzy never alters by a fraction of an inch. In his day, it was steel rails and locomotive steam. The public was intoxicated by the physical gospel of track: thousands of miles of iron driving through the wilderness, linking ocean to ocean, transforming a continent overnight. Wall Street swore that every railroad bond was as sacred as Scripture, that a train carrying coal or cattle was immune to the laws of debt and gravity. They capitalized the future out to the year 2000, issuing paper against promises, until every cross-tie had three mortgages hanging around its neck. And now? The ghost of Livermore looks through modern glass and sees the exact same fever, just dressed in different silicon robes. The new rails are fiber-...
