Part 2: The Fiat Illusion and the Final EndgameBitcoin FuturesCME_DL:BTC1!ROW_PartnersWhy are stock markets still sitting near all time highs if yields are squeezing the economy? The answer comes down to what measuring stick you are using. When you look at SPX priced in nominal fiat dollars, the chart looks like an unstoppable powerhouse. But when you price SPY in hard money like Gold, the entire illusion disappears. At the 2k peak, one share of the SP 500 was worth roughly 5.4 ounces of gold. Today, even with the index trading above 6000, it buys under 2 ounces of gold. In real money terms, broad equities are down over 60 percent from their 2k highs and have traded sideways for two decades. Much of the nominal equity rally is not pure productivity. It is denominator debasement. Stocks represent real assets with pricing power that mechanically rise as the currency devalues. This connects directly to the Warsh vs Bessent standoff. Treasury is funding long bond interventions by loading the front end with short paper. As the Fed holds short rates high, net interest on the national debt explodes. Deficits widen further, forcing even more debt issuance just to service existing obligations. This is the fiscal dominance trap. Either the Fed keeps rates high and breaks the debt rollover machine, or the system demands debt monetization. When private auctions get overwhelmed, the printing press becomes the only mathematical release valve left. Watch the 2Y versus 10Y divergence closely. The front end is screaming that the policy tug of war is reaching its limit. TGtg!