Yo fellow money lovers, Some market fundamentals from me related to our beloved sovereign and lately somewhat sovereign money. Let's get it clear first: Monero is uncorrelated mostly but suppressed heavily. Bitcoin is now pseudo sovereign, nevertheless systemically important for the blockchain transition and the biggest indicator of liquidity in the system. Gold is similarly captured but the most important asset on state-to-state layer. It is largely driven by China's printer with heavy correlation and their capital controls. Silver is complex but brutally needed for electrification. There are two major scenarios in the future market with two similar and more extreme options we may snap get to: 1. Financial repression - even higher probability around the yen unwinding. Japan selling intensifies the need that someone has to be forced to buy the debt via bank deregulation. Buybacks to cap yields spiking from Japan selling that happened this week means sacrificing the dollar. Yields capped + inflation spike = real yields go down (nominal - inflation expectations = real yields) therefore money flocks into sovereigns. What we just saw. 2. Fiscal dominance - nobody buys the debt, gov loses control, has to stay tight, bond selloff = yield spike at long end = yield curve bear steepening = inflation and nominals spike = real yields spike = toxic for bearer assets and credit choke = scramble for usd = flight to cash = sovereigns down. 3. Deflationary flush - smth breaks = margin calls = flight to cash and bonds = yields collapse = wait and buy the btc/xmr/gold. 4. Reflation and liquidity - panic and print - short term falls from print, long term up from inflation expectation, dollar down = btc and nasdaq spike by being liquidity sponges and xmr grinds up. Financial repression is the ultimate end game as authoritarianism is a must to manage capital repatriation, no free market will want negative yielding assets voluntarily to fix the global debt so that's the certain long term path. Tether is in play, Japan follows, EU bound to do it soon. This is the only viable game theory system choice as every other option snap destroys the trust. This is the hidden tax next version after the printer. And for those like me who seek to project and converge on one clearest most probable future, everything converges on authoritarian mass surveillance state with cbdc cashless society enforcing repression with capital controls and closed borders and scarce resources commanding physical economy premium. Capitalism will use communism to not get fked by socialism therefore we either have internet or we don't so go for those four assets as core.