Darrell Delphen Macro

10/17/2026

AMERICA’S DEBT IS GROWING FASTER THAN THE ECONOMY THAT SUPPORTS IT!

Take a good look at this Federal Reserve chart.

Total debt has exploded while GDP has failed to keep pace. This trajectory is simply not sustainable indefinitely.

How do you service an ever-growing mountain of debt when economic growth cannot keep up?

In my opinion, the government will ultimately choose the path of least resistance: print more money, suppress interest rates, and inflate away the debt.

This is called financial repression, and the biggest losers will be savers and anyone holding assets that cannot keep pace with inflation.

10/16/2026

They have literally robbed us blind with fraud in DC while robbing our purchasing power. 😢

10/01/2026

09/30/2026

INVESTING
Buy something the world needs or wants—and buy it cheap, usually when market conditions are unfavorable and most people don’t want it.

Then wait.

The longer you extend your time horizon, the easier investing becomes. Most of the world is focused on the next quarter, the next month, or even the next trade.

You’re not gambling. You don’t need a dopamine hit from constantly buying and selling.

Investing is often really boring.

Buy value. Be patient. Let time do the heavy lifting.

09/27/2026

The chart below is where we’re going.

Fiscal deficits
↓
More Treasury issuance
↓
Upward pressure on yields
↓
Higher government interest expense
↓
Even larger deficits
↓
More Treasury issuance
↓
Fed eventually pressured to intervene
↓
QE / YCC / negative real rates
↓
Currency purchasing-power erosion

So the ultimate issue isn’t necessarily that the U.S. literally cannot pay its dollar-denominated debt. Because the debt is denominated primarily in a currency the U.S. controls, the more interesting question is what happens to the purchasing power of the dollars in which bondholders are repaid.

09/18/2026

It,s getting close! Price movement could occur after the elections.

09/16/2026

09/07/2026

China created paper money and this is what happened!

China experimented with paper money centuries before the West. Marco Polo marveled at how Kublai Khan could issue paper and exchange it for real goods and wealth.

Then came the problem that has plagued governments ever since every time: They Printed too Much!

The money initially created a boom. But eventually the supply of paper overwhelmed the gold and silver behind it, convertibility disappeared, and the currency lost its value.

Sound familiar?

The U.S. severed the dollar’s final link to gold in 1971. Today we have nearly $40 trillion of federal debt, persistent deficits, and enormous political pressure to keep financing the system.

History suggests governments rarely choose austerity when they can choose currency debasement.

Historically, paper money always goes to zero overtime.  I’m not suggesting that the dollar will cease to exist right now, but I do believe the debasement through money printing will continue and investors must protect themselves. 

That is a major reason I believe gold, silver, energy, commodities, and productive real assets will become increasingly important in the years ahead.

You can print currency. You cannot print scarce assets.

09/05/2026

Diesel is now at an all-time high as expected. A direct result from taking refineries off-line in the Ukraine and Gulf states. Diesel is an input in everything.