Long term there is no bull case. Most of the cheap energy that we used to build society has been used up. The U.S. has no investments in renewables. It has no access to HREEs. It has lost a lot of its talent after gutting universities. Demographics indicate that the U.S. will stop growing in population. Yields tick steady higher as the realization that the U.S. has absolutely no plan to pay off its debt sets in. What happens when our economy reaches its maximum extent and stops growing? Not even degrowth – just a plateau. How do we pay down the debt without a tax hike that destroys the economy? The only way out is with inflation. Evidently, people are seeing this and so money flows into commodities, equities, and cryptocurrency.