America’s $40 Trillion Debt Is Breaking the Bond Market | The Week
Scott Galloway and Ed Elson cover the US bond market stress from $40 trillion in national debt, China's AI progress, and a housing affordability crisis hitting record lows.
The gist
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Bond yields are at 20-year highs because investors no longer trust governments to address debt beyond printing money, Galloway says.
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China is closing the AI gap despite spending 23 times less than the US, partly through open-weight models that could automate cybercrime.
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Homes now cost 7 times average household income, the highest ratio ever, with mortgage rates above 7% making it worse than the 2008 bubble.
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Nearly 50% of Americans under 30 live with parents, which Galloway says is only a smart move if paired with aggressive investing.
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