“Lions Led by Donkeys:” The Irrevocable Decline in US Hegemony

In his latest conversation with WTFinance’s Anthony Fatseas, Matterhorn Asset Management principal Matthew Piepenburg answers the question: Is the worst behind us?  The short answer is: No. The reasons, and signals, however, are many, which Piepenburg addresses from both a broad and market-specific perspective.  Piepenburg’s analysis begins and ends with a string cite of bond-market-driven signals and crises—from the repo disaster of 2019 to the latest US bank failures of 2023. Piepenburg distinguishes the bank failures of 2008 and 2023, but reminds that the Fed has its fingerprints on every crisis and every artificial “recovery.” The simple math of debt, inflation and monetary policy failures (akin to “credit cards and whiskey”) confirm that cornered central banks have no good options or scenarios left. It’s either tighten into economic depression (hangover) or loosen policy into a hyper-inflationary pain (hangover). The latter is most likely. Read more…

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