The U.S. just issued a record-breaking $100 billion in four-week Treasury bills—short-term debt tools typically reserved for emergencies. But this isn’t a one-off. Treasury officials are calling it “the new norm.”
Why? Because we can’t afford to pay off our maturing debt. Rolling it over is the only option. But as foreign demand wanes and money market funds get stretched, even that strategy is running thin. The Fed’s reverse repo facility is already draining. Liquidity risks are growing. And the dollar’s global credibility? Fading fast.
When stopgap tools become standard policy, it means the playbook is empty. This video lays out what few in the mainstream will say out loud: the system is burning through its last defenses.