Treasury Secretary's $20B Swap with Argentina

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Today’s Acid Breath is a descent into the machinery behind the market’s tremor. 

Tariffs ignite, rare earths reveal their dirty chemistry, and America’s clean hands look suspiciously like Walter White’s gloves. Are we about to Break Bad?

I pack away a shadow CPI masquerading as today's real deal, a half-billion hit at Jefferies that smells of 2007 teen spirit, and a twenty-billion tango with Argentina that echoes the Tequila bailout. 

The dollar doesn't only price the world, sometimes it sponsors it. Sometimes it risks failure seeking meaning.

Two mountains, one mining atoms, one guarding files, frame the West’s quiet wokish bargains. 

Tune in for thirty-eight minutes of cinematic macro storytelling and uncomfortable clarity.

Hugh

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