Andrew Sorkin rang the NYSE Opening Bell today, in honor of his new book “1929.” The book is about the greatest crash in all street history. He also shows parallels on how it rhymes with today’s euphoric energy. Open your eyes.

Term premium (on government bonds) is going way, way higher because there is no realistic plan to balance the budget in the U.S. And increases to the debt are spiraling out of control. Default is going to become a real risk -- or vastly higher inflation. There's not a single media outlet that has been honest about the numbers. The government collects $2.5T in income tax. $1.6T in payroll. And $550B in corporate taxes -- all of which are passed along to consumers. The other stuff - tariffs, estate taxes, etc. are all rounding errors. In total, that's $5T in revenue. Meanwhile, the Fed is spending $7 TRILLION every year. And most all of this spending ($4 Trillion) is interest, social security, and medicare/medicaid -- line items that are all growing much faster than economic growth. There is no viable plan to stop the big increases to these budget items. Even if Elon succeeds in cutting $2 trillion in spending (which will be impossible -- at most he'll cut $500 billion or so), we will still be running bigger and bigger deficits every year. And here's the part no one will explain to you (or say out loud): #1. Your fellow citizens are incentivized through progressive taxation to always vote for more government spending. That's why there is no democratic way to balance the budget, to begin to repay the debt, or bring inflation under control. Any politician that promises to do so will lose every election. #2. Without large reductions to entitlement spending (see fact #1) inflation will continue to increase, as printing money is the only way to afford these commitments. Raising taxes won't work, because the highest marginal rates are already leading people to stop working and to take extreme steps to avoid taxes (like moving to Puerto Rico, etc.) For real info about the limits of "eating the rich" see: manhattan.institute/article/… #3. Increasing inflation will make it impossible for young people (18-34) to afford anything like a normal life. They will become progressively more alienated, more radicalized, and, eventually, more politically violent. America has become a socialist state. And socialists states fail. When they fail, there's violence. Be prepared.