The global sovereign debt dumpster fire is turning into a raging inferno.

The Fed didn't expect yields to rise after they began the rate cut cycle.

And the Bank of Japan probably thought the Fed cuts would bring relief to their bond market.

Yet both US and Japanese sovereign debt are selling off massively to start 2025, yields sitting at or near fresh highs.

Meanwhile Bitcoin just below $100K.

Turns out putting your wealth in fiat promises that can't be paid back without massive debasement isn't a great idea.

Dump the infinite, stack the finite.