T-bill issuance exploded from $100B/week in 2013 to $550B/week now due to structural deficits and inability to term out debt without pushing 10-year yields to 4.6-4.8% which would trigger equity volatility

Higher bill issuance drives TGA growth, which crowds out repo markets and threatens funding for hedge funds engaged in basis trade who own $1.8T in treasuries (37% of net issuance since 2022)

Standing repo facility acts as front-end yield curve control, funding deficits on margin and preventing chaotic unwind of basis trade

Fiscal dominance in US is not deflationary - retirees should own physical gold and reduce long-term bond exposure to avoid wealth erosion

Gold just surpassed treasuries in global FX reserves for first time in 30 years and will likely surpass dollar reserves within 2-3 years due to central bank buying and commodity market pressure

Brazil central bank buying significant gold shows BRICS moving to gold as reserve currency, not Bitcoin or currency baskets