Turkey is the canary in the coal mine for a $106 trillion global financial system on a headlong collision course with the Donroe Doctrine. For decades, the structural assumption of international finance has been that American sovereign debt and fiat currency were the ultimate safe harbors. But when imperial wars disrupt the global economy’s supply chains, paper promises evaporate. Pushed to the brink by the Trump administration’s miscalculations, sovereign states are being forced to abandon those promises and retreat to material bedrock.
It’s complicated - money is fake, but debt is less fake.
The faster debt is forced to move in large shifts, the more real it is.