The David Lin Report Market Death Cross Alert: 'Everything Bubble' Pops In 2026, Watch This Indicator | Richard Smith
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Dec 9, 2025 Richard Smith, Chairman of the Foundation for the Study of Cycles, discusses looming financial shifts, predicting a Bitcoin bottom and a potential debt crisis in 2026. He links Federal Reserve policies to liquidity issues, highlighting a stealth QE possibility. The conversation covers the implications of stablecoins on T-bill demand, the outlook for gold amid central bank buying, and warns of a potential 'everything bubble' due to low rates. Key indicators like bond volatility could signal systemic stress.
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Bitcoin As The Liquidity Canary
- Bitcoin acts as a liquidity canary because it is extremely sensitive to shifts in market liquidity.
- Richard Smith argues cycles and recent Fed moves imply Bitcoin may be near a bottom as liquidity loosens.
Watch Fed Moves To Time Market Rallies
- Watch Fed policy shifts because stopping QT and stealth QE can restore liquidity and lift risk assets.
- Use cycle indicators to time potential bottoms and short-term rallies in December–January.
Fiscal Dominance Shapes Markets
- Fiscal dominance is the dominant macro theme: Treasury refinancing and keeping yields low drive markets.
- Stablecoins and money market inflows increasingly fund T-bills and thus prop up the Treasury refinancing machine.