When bond yields surged in recent months, analysts just shrugged, saying the AI boom would thrive regardless. This is classic bubble logic. The price of money always matters, and there is good reason to believe that is true now more than ever.
Global debt is at record levels, much of it accumulating on government books. This is good news short-term (governments are typically the last fortress to fall) but bad news in the end (governments will be in no position to deliver stimulus or bailouts).
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