The real price of money is probably ~15% … using debt we have pulled forward demand for 50+ years worth using a (loosely, on average) 10% delta to real price of money financing … not to mention the leverage that gets applied to those assets is getting more and more aggressive with derivatives.

Probably have pulled forward at least $100T of “assets” that shouldn’t exist under a sound money standard. Maybe $200T is a better estimate and $400T is a high side.

Also, because debt is a priority claim and equity is a residual claim, if today’s $900T of assets shot repriced to $700T, the impact to markets wouldn’t be a linear $200T decline. Equities would get wiped and creditors would become the new equity holders. It’s get messy quickly.

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