Subject: Re: BAC
I’m not sure charts and comparisons tell you very much. As there’s not much precedent for yields appropriate for US debt levels of 120% of GDP with ongoing $1 Billion-$2 Billion deficits in GOOD times (5% nominal GDP), half of which funds existing debt. His is new territory. Throw in what I humbly suspect is a higher floor on systemic inflation….

We’ll say we “saw this coming” just like every other obvious crisis like what brewed from 2003-2007 and exploded in 2008/2009. But we had charts confirming what hasn’t happened—can’t happen. Look at this 30 year trend.