The Debt Supercycle
Where We Are Now, What History Says Happens Next, and How to Protect Yourself
Debt doesn’t just rise in a straight line. It builds in waves, decades-long “supercycles” that expand credit, inflate asset prices, and pull consumption forward, until the bill arrives. We’re late in one of those supercycles now, and the scoreboard tells the story.
The scoreboard, mid-2025
U.S. federal debt has climbed north of $36 trillion, with debt-to-…
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