Last night’s debate on “Deficits, War, and Markets”  brought together Bob Murphy of the Mises Institute and Bard College professor Randall Wray for a clash between Austrian and MMT worldviews, moderated by the “Macro Tourist” Kevin Muir.

Exploding U.S. deficits, the Fed’s policy path, the geopolitical shock of the Iran war, what it means for stocks, a potential bond market snap to calls for another financial crisis… we covered a lot of ground and here were some highlights for those short on time:

Where are the bond vigilantes?A bond trader himself, Muir asked Murphy what it would take to see a crisis-level spike in U.S. Treasury yields. Murphy’s core point is that the conditions for a bond market revolt have already been in place for years—and yet the revolt hasn’t come.

“If you had 15 years ago told me this is what the fiscal position is going to be [$39 trillion in debt]… I would say… there’d be this massive [yield] premium,” he said. “I am surprised at how much leeway investors are giving the US federal government.” But the fact that we’ve made it this far without emerging market-esque bond yields should not comfort USD holders.

Global demand for Treasuries may be eroding at the margin, and the dollar-based world order may unravel quicker than it was established. “There’s lots of countries… saying we need to reduce our exposure to the US dollar… they’re just trying to figure out how.,” Murphy said, particularly in reference to Russia where previous American administrations went trigger happy with sanctions and freezing of foreign dollar reserves. Actions that greatly enhance the risk premium of holding dollar-denominated assets if you’re a foreign government or even a foreign national whose country may one day be on the naughty list.

“If the dollar starts sinking, it’s gonna be fast”

Even the Keynesian thinks a crash is coming…Self-identifying as a Keynesian economist, Wray nonetheless thinks we can’t maneuver our way out of the coming crash.

Wray’s warning: the system never actually fixed the conditions that led to the last crisis — it consolidated and amplified them. “We wouldn’t have these huge institutions that are… engaged in crazy finance and setting us up for another tremendous financial crash,” he said, if instead after 2008, we’d employed something more akin to Teddy Roosevelt and disintegrated rather than bailed out the big banks.

“The banks all over the country weren't doing any of the stuff,” Wray argued. “The biggest banks were doing that and got us into trouble.”

“We’re going to have [another crash]… it could be five years… but it’s coming. There’s no doubt at all.”

 Watch: https://twitter.com/i/status/2034822384612495747

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DF Iron Dome Operator Arrested, Charged With Spying For Iran

Police identified Raz Cohen, a 26-year-old from Jerusalem, who served in the Iron Dome unit.

 https://www.zerohedge.com/geopolitical/idf-iron-dome-operator-arrested-charged-spying-iran

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 What 122 Universal Basic Income Experiments Actually Show

After more than 100 pilots, the evidence shows that universal basic income does little to boost employment and risks unintended economic costs...

 https://www.zerohedge.com/political/what-122-universal-basic-income-experiments-actually-show

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  US Asian Ally Rejects Pentagon Request To Land Fighter Jets: More To Come?

 Sri Lanka is a US regional ally, and America remains the small south Asian nation's largest export market, accounting for nearly $3 billion of the $11.7 billion of goods Sri Lanka exports annually.

But tensions are soaring over the Iran war, and especially in the wake of a US submarine having torpedoed the Iranian warship IRIS Dena just off Sri Lanka's southern coast earlier this month - killing dozens of sailors and forcing Sri Lankan authorities into a rescue operation that recovered bodies and pulled survivors from the water.

And now, the country's president Anura Kumara Dissanayake has revealed he previously formally rejected a request from Washington to allow two US fighter jets to land at Mattala International Airport.

 https://www.zerohedge.com/geopolitical/us-ally-southeast-asia-rejects-pentagon-request-land-fighter-jets-more-come

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It begins: Australia running out of diesel

107 petrol stations across New South Wales are out of diesel after panic buying.

Australia said it wouldn't send ships to help reopen the Strait of Hormuz, the waterway Iran closed, cutting 20% of global oil supply.

The Strait's closure just arrived at the servo anyway.

(China used to export diesel but no more.)

https://citizenwatchreport.com/it-begins-australia-running-out-of-diesel/

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“They’re selling stolen Venezuela oil, selling it on the global market, putting the $$$ in a Qatar acct only Trump controls”

 https://citizenwatchreport.com/theyre-selling-stolen-venezuela-oil-selling-it-on-the-global-market-putting-the-in-a-qatar-acct-only-trump-controls/

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Iran appears to have conducted a significant cyberattack against a US company, a first since the war started 

An Iran-linked hacker group has claimed responsibility for a cyberattack of a medical tech company, in what appears to be the first significant instance of Iran hacking an American company since the start of war between the countries.

The company, Stryker, produces a range of medical equipment and technology, and is headquartered in Michigan.

Historically, Iran has conducted some of the most infamous “wiper” cyberattacks on national enemies, aiming to simply erase all data on a computer’s networks. Victims include Saudi Aramco, Saudi Arabia’s national oil company, in 2012, and the Sands Casino in 2014.

(THEY EVEN WIPED THE PERSONAL CELL PHONES OF 75,000 EMPLOYEES.)

 https://citizenwatchreport.com/iran-appears-to-have-conducted-a-significant-cyberattack-against-a-us-company-a-first-since-the-war-started/

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James O’Keefe and OMG Team Violently Assaulted on Skid Row After Catching Petitioners in a Cash For Ballots Scheme (VIDEO)Cristina Laila

https://www.thegatewaypundit.com/2026/03/james-okeefe-omg-team-violently-assaulted-skid-row/

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Three Women Indicted on 37 Counts in Alabama Ballot Fraud Scheme — Judge Orders Special Election After Rigged Absentee Votes Potentially Flipped the Race

 https://www.thegatewaypundit.com/2026/03/three-women-indicted-37-counts-alabama-ballot-fraud/

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Oldie but a goodie. The MasterCard BJ commercial - there are some things money can't buy.

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