Are Stocks, Gold, and Bitcoin About to Bubble Again?

The U.S. economy is currently experiencing a productivity boom that facilitates a jobless recovery, creating a highly bullish environment for risk assets as capital increasingly gains at the expense of labor. Corporate profits as a percentage of gross domestic income are reaching new highs while labor's share plunges, a trend likely to trigger significant future political consequences. A critical valuation gap exists in the bond market, where the 10-year Treasury yield sits 112 basis points below its modeled fair value of 5.83%, suggesting an inevitable convergence that will force the Federal Reserve and Treasury into yield curve control. This transition toward "fiscal dominance" marks the beginning of a new macro paradigm defined by currency debasement and financial repression. Current projections suggest this risk asset bubble will peak between late 2027 and early 2028, driven by the necessity of printing money to manage ballooning federal interest expenditures.