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The Monetary System: Sovereign Debt Crises (2026)

The Monetary System series built up the machinery of government money — how a state spends and borrows (Part 1), how that debt is financed and priced in the bond market (Part 2), and how the central bank sets the rates …

Published Aug 29, 2026 120 min read Macro Sovereign Debt Guide Monetary System

The Monetary System, Part 3: Rates & Inflation (2026)

The first guide in this series explained why governments run deficits; the second, how they borrow. This one covers the institution that sits above both — the central bank. Since 2008, central banks have moved from quiet …

Published Aug 25, 2026 53 min read Macro Inflation Guide Monetary System

The Monetary System, Part 2: Bonds & Yields (2026)

The previous guide in this series ended with a government running a deficit. This one picks up the next question: how does it borrow the money? The answer is the government bond market — the largest, deepest financial …

Published Aug 25, 2026 41 min read Macro Bond Market Guide Monetary System

The Monetary System, Part 1: Spending & Debt (2026)

Every government does three things with money: it spends, it taxes, and it borrows the difference. Do that year after year and the borrowed differences pile into a debt — and across the rich world and China alike, that …

Published Aug 25, 2026 92 min read Macro Sovereign Debt Guide Monetary System

Commodities Across the Cycle: A Macro Regime Guide (2026)

Most commodity writing treats each raw material in isolation, but investors hold a commodity inside a portfolio, during a particular economic weather system. The question that actually matters is which commodities work …

Published Jul 25, 2026 36 min read Macro Business Cycles Guide