They are both ordered from small terms to large terms on the X axis, and spectral points become increasingly less dense moving out on the number line. So the yield curve is like a digit system, and all you abstract algebra folks can fill in the blanks. I know why this works, it is the unproven Riemann hypothesis.
But the ten year is flat with the one year and a huge dip is in the middle. At this state of the cycle, the ten year is used almost completely for planned roll over of ten year debt. There is no uncertainty, term premium should be minimum.
New government spending is almost all credit card at the short end. Treasury is managing a bankrupt Congress. The Fed has quit helping.
I have reverse engineered Goldman-Sachs app for rollovers.
The rollover debt is held in smart phones, owned by the super wealthy, and it is in fact bearer cash, each of these smart phones can hold up to 50 billion, transfers authenticated by thumb print.
So, the market process of betting the rollover rates completely sidesteps both the debt cartel, Congress and AOC. When a debt is due, the billionaires, all 100 of them, bid the next rate. The winning bid causes a shift among the sell and buyer bearer assets, all controlled by countefeit proofed bots and backed by blockchain.
The only role for government is to send the interest payment to the proper party. But even that has been simplified. We now have a special app for AOC's young voters, it directly takes 4% of their salary and gives it to the winning rich person, generally a white male, by the way.
AOC thinks this is really neat, a simply way for for super wealthy people to steal from her young voters. We don not even need Congress! or Treasury! It is direct welfare from the poor to the rich, a fantastic idea and Biden wants to keep it.
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