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People in Glass Houses should be very careful throwing stones…
Blain’s Morning Porridge 21st October 2026
“Pride cometh before the fall…”
It really does feel the Atlantic Ocean got much, much wider. As Europe struggles with riots and populism, financiers in the USA dismiss Yoorp as irrelevant, and think their economy is doing just great, fuelled by the AI boom and rising earnings. What they miss is the vulnerability of the economy to a debt shock and rising Treasury refinancing risk.
Key Takeaways:
America’s apparent economic strength masks considerable financial vulnerability – the USA’s high government debt, escalating and persistent deficits, and…
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