
6 October 2026 · 19 min
Government bonds set the base price of money. When their yields move, mortgages, company borrowing and the cost of rolling over the national debt move with them.
Felix Nikolas Prehn follows the bond markets of the United States, Japan and Europe, the refinancing problem facing their treasuries, and the tools governments reach for when the market stops cooperating.
By Felix Nikolas Prehn, economist and former investment banker

6 October 2026 · 19 min

4 October 2026 · 22 min

2 October 2026 · 42 min

23 September 2026 · 20 min

20 September 2026 · 25 min

14 September 2026 · 25 min

11 September 2026 · 25 min

9 September 2026 · 22 min

2 September 2026 · 21 min
7 October 2026
Felix Prehn traces Japan, Europe and America's bond selloffs to one cause: too much debt everywhere, and explains why gold dropped.
6 October 2026
Felix Nikolas Prehn traces the causal chain from accelerating money supply growth through government debt erosion to the destruction of household purchasing power.