🧿 Paper Wealth, Real Friction US private sector financial assets at 6.7x GDP is not a healthy victory lap; it’s a sign that the balance of power keeps drifting toward asset holders while the real economy struggles to keep pace. To me, that matters because markets can look rich for a very long time when liquidity and ownership are concentrated, but the social and political bill usually arrives later. 🧲 The bullish read is simple: in a world where financial claims keep outrunning production, scarce assets tend to stay strategically important. The bearish read is sharper: this kind of gap can become a pressure cooker, with higher fragility, heavier policy intervention, and more violent repricing when confidence cracks. My lean is that this is less “everything is fine” and more “the system is becoming more uneven by the quarter.” 👁️‍🗨️ The real story is not record asset wealth — it’s how much of it is floating above the economy rather than anchored in it. ⚠️ Personal analysis only. Not financial advice. DYOR. #Macro #BTC #ETH