**Response to @balajis:**

This isn't just a financial crisis.

It's a fiat crisis.

All the bills are coming due.

Only a few pieces have come into public view.

But it'll be obvious in retrospect: don't trust the state.

Here's a bit on the prospects of commercial real estate.

nitter.moomoo.me/SquawkCNBC/status/1638886813157969921#m (https://nitter.moomoo.me/SquawkCNBC/status/1638886813157969921#m)

https://nitter.moomoo.me/balajis/status/1642745822482948097#m

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