In the latest episode of The End Game, Fleck and I welcome back Harley Bassman—aka the ‘Convexity Maven’—for a deep dive into the shifting landscape of global bond markets, inflation, and the future of the US dollar. Harley contends that while US bond yields have risen sharply in recent years, they are now approaching fair value when measured against historical spreads and nominal GDP. The real challenge, he argues, lies in the rapid adjustment after decades of suppressed rates, and in how markets adapt to this new reality. Our discussion explores the profound impact of demographic trends, such as the early retirement of baby boomers and delayed household formation among millennials, as well as the often-underappreciated role of immigration in sustaining US economic growth. We also examine the risks associated with persistent fiscal deficits and mounting debt, as the potential erosion of the dollar’s reserve currency status presents a problem with potentially far-reaching consequences. Despite the scale of these challenges, Harley remains sanguine, suggesting that the system’s imbalances are more like slow-moving trains than imminent crashes. But, with heightened volatility and policy uncertainty likely to persist, diversified portfolios—including gold and inflation hedges—are prudent responses. Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory, Shifts Happen and The Hundred Year Pivot, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.  Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.