The US national debt set another record this month, and it has revived an argument that had gone quiet: that the surest hedge against a government borrowing without limit is an asset the government cannot print. CoinDesk’s markets daybook led on Monday with record federal debt as the force pushing investors toward bitcoin and gold to shelter from dollar devaluation. The case rests on a trajectory that is unusually easy to see coming and on a narrative, the so-called debasement trade, that is old, well-funded, and currently being made louder than it has been in months. What it is not, yet, is visible in the price. The ... (full story)