Otavio (Tavi) Costa(@TaviCosta):Here is the wild part about the Treasury market today: The US debt‑to‑GDP ratio is now roughly on par with World War II — actually a bit worse. However, back then: Nearly half of all Treasuries were backed by gold. Today, it’s about 3%. That’s how deep the problem runs.

Otavio (Tavi) Costa

@TaviCosta

Founder & CEO of Azuria Capital LLC. Macro thinker, history student, value-oriented investor. Native of Sao Paulo, Brazil 🇧🇷 E-mail: tavi@azuriacapital.com

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Otavio (Tavi) Costa@TaviCosta

2026.08.20 01:12

Here is the wild part about the Treasury market today: The US debt‑to‑GDP ratio is now roughly on par with World War II — actually a bit worse. However, back then: Nearly half of all Treasuries were backed by gold. Today, it’s about 3%. That’s how deep the problem runs.