The 10-year Treasury pierced 5% in September. Highest since before the 2007 to 2009 crisis. That's the "risk-free" asset. Every pension, bank and money market fund is stacked on that paper. And lenders now want more to hold it. The Washington Times says the panic ignores financial history. Funny. Financial history is exactly what worries me. When debt gets too expensive to carry, governments ALWAYS grab the same tool. Push rates down, print the gap, and let the saver's dollar quietly eat the bill. 2008. 2020. Different press conference, same printer. That's how you get bubbles everywhere. Stocks, houses, bonds. All floating on money conjured out of nothing. All sold to you as stable. Meanwhile Bitcoin sits at $83,730. Down 2.62% today, up 0.16% on the week. Spot ETFs took in $321.6M net over the last seven days. Its supply is capped. No committee meets to change that. No op-ed changes the math. One asset gets a press office. The other gets a fixed supply.