His take on the US debt is mathematically accurate, depressingly so. While he can be described as a "permabear" or in the class of Dr. Doom - Nouriel Roubini - who has recently broken with the bubble doomsayers, I don't really see how he can be wrong about the US debt. The cost of servicing debt as we head into the next recession after the AI bubble fizzles will be high enough that anyone fiscally responsible in government will manipulate the US debt market to reduce the national borrowing costs.
What about private market debt?
One of the pushbacks against there being a bubble in private market debt is that the debt is not highly leveraged. I take issue with this assertion because with all the wealth "created" by crypto, those who cash out and leave the greater fool holding the bag are putting at least some of that into private markets leading to shadow leverage.
Notable Quotes:
"Why why do we have to pay taxes if the government is shut should taxes not be charged forty one days? Shouldn't you have like an eleven percent tax rebate?"