WEBVTT

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One system. Gromen's scenario.

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Promises and politics keep deficits large.

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China and other investors recycle less into Treasuries.

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Oil and copper shocks keep inflation pressure alive.

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A I borrowing and credit losses add stress.

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Higher yields. Higher interest costs. More deficits. More debt.

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Forced selling breaks the collateral engine.

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The Fed and Treasury step in.

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Gromen's ending: dollar debasement. Hard assets rise.

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Liquidity is not automatically M two. This ending is disputed.