The crash is coming, it’s just a matter of time. Everything is overpriced.

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US financial conditions have never been looser. Not once since 1990.

Bloomberg’s index of how easy it is to raise money across stocks, credit, and rates just closed at the easiest level in its 35-year history, looser than 2021 and looser than the dot-com peak. This is the liquidity holding stocks, gold, and credit near records all at once.

Conditions this loose have never lasted. When they tighten, the most leveraged trades, AI and credit, unwind first.

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