We are not in a normal business cycle.

We are in a wartime economy driven by populism, deglobalization, and strategic asset competition, and markets are only starting to price that reality.

🧵Summary of our latest interview with @jam_croissant Cem’s core message: the last year followed a clear playbook.

A sharp drawdown, aggressive liquidity response, forced positioning, and a reflexive rally that masked deeper structural shifts underneath the market.

Under the hood, it's all about global powers bidding for strategic assets in a deglobalizing world. Capital is moving toward scarcity, security, and state-backed priorities.

This is why precious metals, hard assets, and strategic commodities have quietly been in multi-year bull trends, well before most investors framed the environment as “wartime.”

Markets run on one simple code now.

And there are only two assets that escape fiat decay.

🧵Highlights from our latest episode with Raoul Pal & Julien Bittel:

@fejau_inc @RaoulGMI @BittelJulien The ‘Everything Code’ framework explains all markets.

➤ GDP growth = debt growth + population growth + productivity growth
➤ Debt growth now dominates as demographics and productivity decline
➤ Fiat debasement runs ~8% annually
➤ Only tech and crypto beat this hidden tax

Debasement is the silent killer of wealth.

Hey @elonmusk my account @JackFarley96 has been hacked & the hacker is trying to extort me & scam my followers.

I am Jack Farley, the creator of both @JackFarley96 & @ForwardGuidance. I got phished & hacker changed my email on @JackFarley96. Please help! @FedGuy12 @UrbanKaoboy @LynAldenContact @WarrenPies @Blockworks_ @JasonYanowitz @WClementeIII @SantiagoAuFund @crossbordercap @profplum99 @DiMartinoBooth @EPBResearch @dampedspring @BobEUnlimited @JeremyDSchwartz @Ksidiii @MikeIppolito_

your help in spreading the word of my hacking would be greatly appreciated 🙏

- Jack Farley (the real one, I promise!)