Silver Rises Over 120% YTD 
Bond managers Van Hoisington and Lacy Hunt warn that if the Federal Reserve doesn’t cut rates, it could trigger a “Kindleberger Spiral”—a deflationary downturn caused by tariffs choking trade and capital flows.
They explain that shrinking trade reduces foreign investment in U.S. stocks and bonds, risking a repeat of the 1920s–30s when the Bank of England lost reserve-currency status and the Fed failed to provide liquidity.
While other central banks are cutting rates, only the U.S. issues the global reserve currency. Despite liquidity risks, the managers support higher tariffs to rebuild U.S. industry and reduce vulnerabilities revealed by recent crises. They also note that the new fiscal bill offers limited stimulus, and their treasury fund has fallen about 4% this year.
