Inside Camp Kotok | David Kotok on “Disastrous and Debilitating” Effect Of Debt Ceiling on Bond Markets
David Kotok, chief investment officer and co-founder of Cumberland Advisors, welcomes Jack Farley to “Camp Kotok” with an interview. Kotok explains the origins of “Camp Kotok” and makes the case that, contrary to popular understanding, Fitch’s recent downgrading of U.S. debt is, in fact, a big deal. Filmed on August 5, 2023. David Kotok's analysis on the debt ceiling: https://www.cumber.com/market-commentary/cost-debt-ceiling-crisis About Camp Kotok: https://www.cumber.com/about/camp-kotok Follow David Kotok on Twitter https://twitter.com/DavidKotokGIC Follow Cumberland Advisors on Twitter https://twitter.com/CumberlandADV Follow Global Interdependence Center on Twitter https://twitter.com/Interdependence Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Dave Nadig on Twitter https://twitter.com/DaveNadig Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ Big thank you to David Nadig of VettaFi for supplying the drone footage: https://www.youtube.com/watch?v=wT1H7or-sHo ___ Timecodes: (00:00) Introduction (00:10) The History Of Camp Kotok (11:11) Fitch's Downgrade Of U.S. Treasury Debt (20:56) 2023 Debt Ceiling Drama Imposed Real Cost On Borrowing Rates (28:58) Alternatives To The Global Dollar System (31:29) Anecdote From Municipal Bond Market (35:46) Will Interests Rates Go Even Higher? (38:32) The Federal Reserve's Assistance To The U.S. Banking Sector In 2023