Japans BoJ hold ¥70T in unrealised losses against QE bonds.. 12.8% of GDP.. They also hold around ¥545T in bonds 88.3% of GDP.. I’m lost

Risk-free is gone!! Anything that uses Rf is non functional!

The new Rf’s Rᴴ (R-Hard): universal hard-asset baseline Portfolio return over 5 years: Rᴴ = (w_BTC × BTC growth) + ((1 - w_BTC) × Gold growth) Where: w_BTC = BTC weight = (1 / BTC volatility) / (1 / BTC volatility + 1 / Gold volatility) BTC growth = [(BTC price now / BTC

The new Rf’s Rᴰ (R-Debase): debasement-aware anchor Inflation differential over 5 years: δ = Money supply growth - Real output growth (or use CPI for δ) Portfolio return: H = (w_BTC × BTC growth) + ((1 - w_BTC) × Gold growth) Weighting factor: α = 1 / (1 + e^(-5 × (δ -

“Never interrupt your enemy when they’re making a mistake” - Napoleon.. Similar thinking in Sun Tzu’s Art of War!

HQLA is the battle ground.. If sovereigns have effectively lost Rf as its non functioning then they’ll lose L1 HQLA.. which means 2A HQLA is up for grabs and so is 2B…

BTC will take a lot of inflows as panic/transition is realised on a broad scale.. Gold, Silver, Copper, Platinum all squeeze as the push for HQLA L1, 2A, 2B

The music will stop and if you’ve got real assets and value you’ll prevail. Those who don’t will perish exactly like every cycle before.. it’s just a loop!

Almost like China has been squeezing sovereign debt out of HQLA L1..

Export inflation, import GDP.. short term solution to a systemic issue

Platinum will squeeze.. 995,000 ounce deficit in 2024.. Hmmm if there’s no physical in London or Switzerland, a growing deficit and the there’s too many paper contracts.. 17th century London goldsmith crisis..? Platinum HQLA 2A, 2B? Tokenised?🤫

Silver a strategic metal 2025. 20-30% undervalued.. $54 target.. $100+ when strategic party’s hedge.. for industrial usage.. Not just an industrial now..

QE gilts are so toxic they can’t absorb them at pace.. if in doubt print it out..

It’s funny because all of this leads to the same conclusion and ultimate demise.. BTC will run rampant.. Gold/Silver + all commods USD will become USDT and fuel everything/credit the losses.. BTC will take its rise as pristine collateral alongside gold and silver..

26,000 before we peak.. going into 2026 big year for the US on the world stage..

Cut rates, yields up ☝️

Great advert for physical/self custody.

Hoarding resources is typical when they aren’t abundant.. In the U.K. you have to cling onto your cash for dear life.. tax’s on tax’s on tax’s.. not necessarily all poor education but a risk adverse environment!