The Two Balance Sheets: Washington, Tokyo and $1.1 Trillion
Japan holds $1.1 trillion of Treasuries. Washington wants Tokyo to raise rates. A financial engineer decodes why those two facts are one problem.
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Public Doctrine Series
The State as Dealer of Last Resort: Treasury Buyback Decoded
Yields fell when the Treasury promised bigger buybacks, then rose when it named the number. A financial engineer decodes what is actually being built.
ReadThe Repricing of Time: 30-Year Treasury Yield Hits 5.216%, Highest Since 2001 | Dr. Glen Brown
The US sold 30-year bonds at 5.216% — the highest yield in a quarter century. Dr. Glen Brown explains how the bond market repricing reaches mortgages, rents, pensions, and business credit, and what responsible awareness looks like.
ReadYen Intervention 2026: Rented Time — What the US–Japan Operation Really Means
Currency intervention is a signal, not a cure. It rents time — and rented time has value only if the tenant uses it. A neutral examination of the August 2026 US–Japan yen operation: the mechanics, the trilemma beneath the headlines, the genuine policy menu, and the three paths forward.
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