A Modern Money Crisis

Gold in 1980 and 2011…

Bitcoin in 2014, 2017, or 2021…

Even GameStop shares in 2021…

If you see an asset going parabolic, it’s time to take money off the table.

There’s no telling when that parabola will stall out – and give back its gains.

Today, the obvious parabola? Well, it’s money itself:

Turn Your Images On

Soaring money supply growth is screaming danger for fiat currencies (Source: Eric Yeung)

A spike in money supply typically occurs during a crisis. Not when the economic vibe is simply “uneasy” and bullish.

Today’s graph strips away delusion. A massive quantity of fiat money is propping up the stock market and global economy.

That’s a trend that cannot last.

~ Addison

P.S.: This surge in money supply growth explains why gold has also spiked.

Turn Your Images On

The gold price this morning (Source: Google Gemini)

The Money Supply – M2 – makes up one of three causes we have identified for today’s record high gold prices. For the full research presentation on our forecast should current trends continue, click here.

P.P.S. “Bitcoin is more speculative than Ethereum,” declared Ian King on Grey Swan Live! yesterday. It was only one of the provocative statements he made while walking us through the wild west of crypto assets yesterday. Thank you, if you were in attendance. The full reply can be found on the Video Archives section of our website for Grey Swan members, here.

If you want to gain access to this video and more, click here for details.

Spoiler alert: The “use-case” for Ethereum as the backbone of a free market in tokenized assets is quite convincing. And compelling. You owe it to yourself to understand decentralized finance (DeFi) now. “It’s as powerful a disruptive innovation in banking as Netflix was to Blockbuster in the movie industry,” Ian asserts.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

Gold in 1980 and 2011…

Bitcoin in 2014, 2017, or 2021…

Even GameStop shares in 2021…

If you see an asset going parabolic, it’s time to take money off the table.

There’s no telling when that parabola will stall out – and give back its gains.

Today, the obvious parabola? Well, it’s money itself:

Turn Your Images On

Soaring money supply growth is screaming danger for fiat currencies (Source: Eric Yeung)

A spike in money supply typically occurs during a crisis. Not when the economic vibe is simply “uneasy” and bullish.

Today’s graph strips away delusion. A massive quantity of fiat money is propping up the stock market and global economy.

That’s a trend that cannot last.

~ Addison

P.S.: This surge in money supply growth explains why gold has also spiked.

Turn Your Images On

The gold price this morning (Source: Google Gemini)

If you want to gain access to this video and more, click here for details.

If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.

Sunday night, Powell addressed the probe head-on in a video post — a rarity. He accused the White House of using cost overruns in the Fed’s HQ renovation as a pretext for political interference.

The White House denied involvement. But few in Washington believed it.

What followed was bipartisan condemnation of the investigation. Greenspan, Bernanke, and Yellen co-signed a blistering rebuke, warning the U.S. was starting to resemble “emerging markets with weak institutions.”

Estimates now indicate that the average consumer will default on a minimum payment at about a 15% rate – the highest level since a spike during the pandemic lockdown of the economy.

President Trump’s proposal over the weekend to cap credit card interest at 10% for a year won’t arrive in time to help consumers who are already missing minimum payments.

Not to fret, the other 85% of borrowers continue to spend on borrowed time. Total U.S. household debt, including mortgages, auto loans, student loans, and credit cards, reached record highs in late 2025, exceeding $18.5 trillion. This surge was driven partly by rising credit card balances, which neared their own all-time peaks due to inflation and higher interest rates.

There’s an old Wall Street maxim: “Don’t fight the Fed.”

This year, you could add a Trump corollary.

A wise capital allocator doesn’t fight that storm. He doesn’t argue with it. He respects it the way sailors respect the sea: with preparation, with humility, and with a sharp eye for what breaks first.

In 2026, the things that break first are the stories. The narratives. The comfortable assumptions.

Total municipal, state and federal debt service costs soared to nearly $1.5 trillion in the third quarter of 2025. Debt’s easy to accumulate when rates are low. Trouble is, you are obligated to refinance them even after rates go up.

It’s also a key reason why the Trump administration is demanding lower interest rates – even if it means reigniting inflation.

Sunday night, Powell addressed the probe head-on in a video post — a rarity. He accused the White House of using cost overruns in the Fed’s HQ renovation as a pretext for political interference.

The White House denied involvement. But few in Washington believed it.

Estimates now indicate that the average consumer will default on a minimum payment at about a 15% rate – the highest level since a spike during the pandemic lockdown of the economy.

President Trump’s proposal over the weekend to cap credit card interest at 10% for a year won’t arrive in time to help consumers who are already missing minimum payments.

There’s an old Wall Street maxim: “Don’t fight the Fed.”

This year, you could add a Trump corollary.

In 2026, the things that break first are the stories. The narratives. The comfortable assumptions.

It’s also a key reason why the Trump administration is demanding lower interest rates – even if it means reigniting inflation.