My picture of events

GDP, percent change YoY

I have a view that global volatility before 1970 was attacked by information technology, and the disintermediated parties traded taxes or fraud for Congressional bailouts at each step of the technology wave. We have reached the point where the remaining volatility to be attacked is our governments. Long term yields have dropped from 12% down to under 4% over the period. approximately the constant of uncertainty. Long term yields drop as we trade price flexibility for debt payments. Congress needs a bailout, government needs rebalancing.