Why isn’t anyone talking about this? Former Treasury Secretary Henry Paulson has warned of a U.S. debt crisis. And he’s not just anyone. Paulson served as U.S. Treasury Secretary during the 2008 crisis, and when the crisis hit, he felt it firsthand. Recently, he has urged U.S. authorities to develop a contingency plan to prevent a potential collapse from a debt crisis. He said that a collapse in the $39 trillion U.S. government debt market would be different from the financial crisis he managed. During the 2008 crisis, the government had fiscal resources to respond to the credit crunch. But in a U.S. public debt crisis, “when you try to issue Treasury bonds, the Fed is the only buyer, and yields are rising—that’s dangerous.” This is because rising yields make debt servicing more difficult and increase the financial burden. He did not specify a timeline for this crisis, but urged U.S. authorities to prepare before it spirals out of control. That’s why I’m cautious about the 2026 market—much of this hasn’t been priced in yet.