This framework gives important insights in a debt-driven World. First-and-foremost, financial markets increasingly operate as vast debt refinancing mechanisms not new capital-raising vehicles . Second, domestic and international capital flows represent key drivers of the economic system. Increasingly cross-border flows determine trade balances, not

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In fact, capital markets themselves are no longer systems for raising new capital, but have become vast mechanisms for refinancing these huge debts. This makes the balance sheet capacity of the financial sector, or ‘liquidity’, far more important than interest rates as a cycle determinant and it means that the business cycle increasingly hums along... See more

The Collapse of Patience: How AI, Capital Efficiency, and Bitcoin Break the Cycle

Jordi Visser

May 27, 2025

Last week, I referenced how certain books can leave lasting impressions—memories that echo back throughout life. This week, I want to highlight a sports memory.

I’m a devoted New York sports fan and have attended important playoff games for... See more