Recorded on February 13 2026 Rick Rule joins Steve Yang to lay out a blunt macro framework for the next decade and why he believes it rhymes with the 1970s: sovereign debt math, political constraints, and the realistic ways societies attempt to resolve obligations they cannot pay in real terms. Rick walks through the logic chain from on balance sheet deficits to off balance sheet entitlements, why the arithmetic matters more than ideology, and why the endgame tends to be inflation that reduces real obligations while nominal promises are maintained. From there, he explains how bond markets can eventually regain…
