This might be the most chaotic era yet.


1973 + 2008 + 2020 = 2026
The energy crisis of 1973
The vulnerabilities from high leverage that emerged in 2008
The liquidity illusion after QE in 2020 still hasn't fully dissipated
Three eras overlapping
The Federal Reserve is in a state where
It can't raise interest rates
And it can't cut interest rates
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