Fiat’s Last Breath
The Collapse That’s Coming, the Blame That’s Being Prepared, and What Comes After
Coming Soon
What is arithmetic: through the eleven months of FY2026 ending August 31, gross interest on Treasury debt was $1.27 trillion against $832.6 billion for Department of Defense military programs, and CBO projects interest above defense in every year of its ten-year outlook. What is not arithmetic, and what this essay will have to argue rather than assert: that the trajectory ends in a restructuring rather than in decades of grinding accommodation. Those are two different kinds of claim, and this essay will keep them apart.
This essay is forthcoming. It builds on the cognitive scaffolding layers above and the essays that precede it in the series. Check back, or begin with the scaffolding to prepare the ground.
The table is already set. The bread has been warm for a thousand years.