As I've said, much of the disagreement about whether we're starting a new secular bond bear market pertains to debt levels and a disbelief that we could allow such a move in yields. But IMO the debt and deficits *are the reason why* it's likely to occur, and the crises it catalyzes will unleash devaluations and full scale draconian repression.(𝐓𝐗𝐌𝐂)