There’s a crisis afoot in the global long-bond markets. Japan’s is melting down, while the rest are under pressure. Adding fuel to the fire, the Trump administration threw in the towel on controlling US fiscal deficits and now says the plan is to instead “grow the economy.” Translation: More money printing and inflation, dead-ahead.

Sound money is the cornerstone of economic prosperity. We don’t have sound money, and the Fed has operated like a monetary vandal authoring the widest wealth gap in US history and the worst generational inequalities. But still we have to make our investment decisions…