{"podcast":{"title":"Mine Print Hash","slug":"mine-print-hash-7733530","podcast_index_feed_id":7733530,"rss_url":"https://api.substack.com/feed/podcast/3184485.rss","website_url":"https://www.mineprinthash.com/podcast","image_url":"https://substackcdn.com/feed/podcast/3184485/4f348e986da97707f3cacd27a49c4b16.jpg","author":"Matt Dines & Cameron Otsuka","episode_count":66,"summary":"A podcast and research bulletin on geopolitics, technology, and markets through the lens of competing monetary systems—mining, printing, and hashing as the forces that shape which empires rise and fall.","last_synced_at":"2026-07-18T22:20:35.514759+00:00","page_url":"https://stenobird.com/podcast/mine-print-hash-7733530"},"episode":{"title":"GLOBAL SOVEREIGN DEBT SURVEY - BUILD WEEKLY ROUNDUP - 2025 WEEK #51","slug":"global-sovereign-debt-survey-build-weekly-roundup-2025-week-51","published_at":"2025-12-19T00:07:13+00:00","page_url":"https://stenobird.com/podcast/mine-print-hash-7733530/global-sovereign-debt-survey-build-weekly-roundup-2025-week-51","show_page_url":"https://stenobird.com/podcast/mine-print-hash-7733530","url":"https://www.mineprinthash.com/p/global-sovereign-debt-survey-build-cd8","audio_url":"https://api.substack.com/feed/podcast/186658264/be0e4260592781d93ea0ece7bc33eee9.mp3","summary":"TL;DR: Global funding conditions favor US dollar markets as capital migrates from Europe and Japan. The BOJ is the next central bank to watch. The Trump Media/TAE Technologies fusion merger raises significant skepticism. 📄 SUMMARY Global Sovereign Debt Survey Matt Dines walks through a year-end review of global sovereign bond markets, highlighting a key divergence. US dollar-denominated rates are trending down across the US and Latin America (Brazil, Argentina, Mexico), while euro-denominated and yen-denominated rates are trending up. - The divergence reflects capital migrating from offshore markets (primarily Europe) into the Western Hemisphere and US domestic markets through New York (4:30). - France and Germany are both at 52-week highs in yields, with French OATs up 51 bps and German Bunds up 60 bps year-over-year (6:00). - Despite popular perception, the core trend in US Treasury yields since the new administration took office has been down, not up. Matt notes that &quot;most people... would say rates are blowing out... not realizing that the core trend since this new administration took office has been down in yields&quot; (11:30). - The US Treasury will focus on using bills at the front end to finance itself, suggesting a steepening yield curve with front end coming down while long end remains supported. Matt sees &quot;green light for expansion of credit in the domestic United States&quot; heading into early 2026 (14:00). - French sovereign debt has tested resistance five times this year with increasing cadence, suggesting &quot;a market that wants to actually break out and move higher&quot; in yields (20:30). - Japan's 10-year debt chart looks &quot;much more concerning&quot; than the US from a portfolio manager perspective (21:30). - A squeeze in global fundi…","meta_description":"TL;DR: Global funding conditions favor US dollar markets as capital migrates from Europe and Japan. The BOJ is the next central bank to watch. The Trump M…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3705,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/mine-print-hash-7733530/episodes/global-sovereign-debt-survey-build-weekly-roundup-2025-week-51/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/mine-print-hash-7733530/global-sovereign-debt-survey-build-weekly-roundup-2025-week-51.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}