James Lavish explains how the government shutdown trapped nearly $1T in the Treasury General Account, starving markets of liquidity and risking a 2019-style repo crisis. He warns Americans have lost 25% of their purchasing power since 2020, inflation is needed to manage $38T in debt, and the K-shaped economy is breaking as CRE and subprime lenders fail. When liquidity returns, it won’t be prosperity—it’s debasement. His message: own hard assets; he’s not bearish on the economy, he’s bearish on the currency.
James Lavish: The TGA — The Most Important Macro Concept Right Now That Most People Are Missing
