Roughly half of all Treasuries outstanding today will mature by the end of 2025. The current average interest rate on federal debt is 2.6%. The current prevailing interest rate is over 5%. If nothing changes, the US government will be forced to refinance this debt at roughly double the current rate, taking interest expense from 14% of federal tax revenue to 29%, or a whopping 22% of total outlays. This is why I’ve been saying that the Fed’s higher for longer mantra is a complete bluff. Other governments around the world are tripping over each other to cut rates and print money because they can see the writing on the wall. Rates will need to come down rapidly or the US government would have to raise taxes and cut spending aggressively but we all know that won’t happen. So, we’re back in the same place. Debt, deficits, and monetary debasement. It’s a virtual certainty. You might want to get some Bitcoin in case it catches on.