Harvest Season Unwinds...

There's still underlying selling pressure, but insider buying gave us a rebound. Now, the start of 2025 looms, and questions about U.S. debt will accelerate.

Dear Fellow Expat:

You’ll need to get used to one chart in 2025.

This is the maturing debt load for the United States over the next 30 years. This comes from Bloomberg…

About $10 trillion needs to be refinanced in the next 12 to 18 months—a straight-up time bomb on the horizon…

And we can thank our Person of the Year - Janet Yellen, for this mess.

She’ll ride off into the sunset.

She’ll get a job at Cal-Berkeley. She’ll make $250,000 a speech.

She’ll write a stupid book with a silly title, like “Steady Hand: A Life’s Journey Through Economic Turmoil and Triumph," and a picture of her with her arms crossed on the cover.

For the last 30 years, she has been a complete menace to the U.S. financial system. And when the bomb goes off… it will land at the feet of President Trump and Scott Bessent.

Last year, Yellen engaged in tremendous alchemy to keep the lights on and the political support in place. She increased short-term lending to unprecedented level (a trend started under the previous Tre…