Summary
The article argues that the U.S. government will likely resort to stealth financial repression—debasement and potential asset confiscation—as deficits and interest rates force money printing. It suggests that the normalization of trillion-dollar IPOs of money-losing companies, funneled into retirement accounts via passive indexing, is a symptom of this late-stage distortion.
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•The author references David Rogers Webb's book 'The Great Taking,' which warns that modern financial plumbing enables forced confiscation of stocks, money market funds, bank deposits, and gold ETFs in extreme scenarios.
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•Rising deficits and interest rates are described as a mathematical certainty that mandates money printing, leading to debasement and the accumulation of hard assets.
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•The emergence of trillion-dollar public equities from privately held, money-losing companies is presented as evidence of how late in the cycle the economy is.