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The rise in negative-yielding Swiss bonds shows markets are scared, expecting more economic trouble. This pressures central banks worldwide to act by lowering rates or printing money to stimulate the economy. The "money printer has only just begun" means we might see much more of this if things get worse.

The spike to 20 billion CHF in negative-yielding bonds is significant. If economic conditions worsen—like if inflation stays high, growth slows, or geopolitical tensions rise—central banks may have to ramp up their efforts even more. The "money printer" (printing money) could run at full speed to flood the economy with cash and avoid a deeper crisis.

h/t Sanjay

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Paul O

I been a bear since that early April bottom den bounce. I been sayin dis is a way for the smart money to unload there risk have retail buy it all up and they rugpull us. Call me paranoid but Negative-yielding Swiss debt is back from the dead, 20B CHF worth, and markets are acting like it’s normal? This shit ain’t normal...it’s more of the same, the quiet scream of smart money front-running the next liquidity nuke. Don’t get it twisted. This is the playbook we all know it we seent it before! over and over again: Crisis "contained", VIX dies, indexes bounce, retail gets FOMO, piles back in smart money offloads risk, then rug pull. Again. Love James but I'm all Buffet rite now sitting in cash scared crapless! They’ve trained central banks like obedient dogs bad data? Bark once, get a rate cut. Crisis? Bark twice, get QE. It’s all a moral hazard feedback loop now. And guess who keeps getting wrecked? Not the suits... it’s us mofo's out hea, the middle and working class every damn time. I’ve been a bear not because I want the world to burn, but because I’ve seen the fire already. This Swiss chart ain’t "noise" it’s a flare. Print or perish is back on deck, and that only means one thing: The game’s rigged, but the smoke signals are there if you’re paying attention. Miss the melt-up, maybe, as James say get the F on da train...not this time baby. Avoid the rug pull? Worth it.

Paul O

My headspace right now is in cash more than James recommends. But I got an agile playbook: I'm not all-in on da bear case too early (cuase it’s a liquidity-rigged game) But I'm keeping close track on credit-market signals like this Swiss thing and the global bond market they're the early-warning radar the canary in the cole mine. I havent really trimmed back positions too much, just having readiness capital for both scenarios: melt-up and liquidity event!!!! the other big piece of news is the Port slowdown = Demand slowdown. Container volumes falling off a cliff means inventories are full, consumer demand is soft, or global trade is slowing. Any one of those is recessionary, and together? It's not “soft landing” vibes Powell has been championing. they tell quarterbacks you need situational awareness!!!!