Paul Kedrosky
speaker
1,259 appearances
4 recordings
2 series
first heard Apr 2026
last heard yesterday
Paul Kedrosky’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Sep 2026 with 1.
Appearances
And it's more than sixty percent of of AI financing is now debt fi is debt financed up from something like fifteen to twenty percent a year ago.
And it's now the largest piece of the uh the investment grade marketplace.
It's now the largest piece of the high yield marketplace.
It is literally taking over global debt markets.
And we had this unprecedented phenomenon literally a month ago, where it caused this in part caused this global bond freakout in the treasury market because the scale was so large.
And the counterparties, the hyperscalers, for crazy reasons, were seen.
has such secure credits that it began to literally compete with with the most
So the highest scale sovereign in the world's debt for debt issuance, which is the United States.
And that looks like the
The currency of the world was that AI CapEx as a currency was beginning to compete with the dollar in a in a really sort of loose sense.
So that was the next one that really caught my attention.
Because that has consequences, because you know, in turn, as the as the the cost of of financing the US deficit rises, then or and and its existing debt, the cost of servicing it rises, then obviously that has consequences in terms of the United States' fiscal position.
And so you're having this crazy bleed over from what we see going on in AI CapEx into the fiscal health of an entire country and by ex and in turn of the entire world.
So that is just a remarkable moment.
Mm-hmm.
And then it gets crazier, right?
And I'll stop on this next one and then we can sort of loop into it in whatever way you want.
But just last week, the WTO put out a report saying, whoops.
Our bad, we completely m screwed up with respect to um trade data on the good side, not the services sides.
Cause the WTO, the World Trade Organization, tracks good and cer goods and services, global trade data, because they had been forecasting a s a fairly sharp decline in part because of the US tariff policy and the consequences of it, both in terms of in certain uncertainty and changing trade flows.
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