Coffee and a Mike Philip Pilkington #1470
Oct 8, 2026
Philip Pilkington, macroeconomist, author, and Multipolarity podcaster, explores information warfare surrounding Iran and the Strait of Hormuz. He examines bond yields, inflation, energy shortages, credit stress, French unrest, and Europe’s looming protests. The conversation also probes AI’s speculative boom, surveillance, military dysfunction, and whether elections can address mounting economic and geopolitical turmoil.
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Episode notes
Why Oil Became A Bond Market Target
- Treasury officials reportedly treated oil prices as a controllable input for managing inflation and ten-year yields.
- Pilkington says oil and Treasury yields historically moved together, making energy control central to bond-market policy.
Goodhart's Law Breaks The Oil Strategy
- Goodhart's Law explains why targeting oil prices eventually stopped stabilizing Treasury yields.
- Since late summer, oil prices fell while ten-year yields rose toward crisis levels, breaking the presumed relationship.
Seven Percent Yields Could Break Credit
- A seven-percent Treasury yield would collide with America's dependence on mortgages, credit cards, corporate debt, and refinancing.
- Pilkington expects borrowing stress to spread from high-yield bonds into the wider economy.
