The David Lin Report · Monday, June 29, 2026
Richard Smith highlights a critical challenge for the US Treasury: a massive wall of debt needing refinancing over the next five years, a situation exacerbated by historically low interest rates. He believes aggressive credit expansion by the Treasury and the Fed will be necessary to manage this debt crisis.
“So, I think there's going to be an aggressive attempt on the part of Treasury together with the Fed to expand credit because it's going to need to be expanded uh by the uh the Fed and the Treasury because it's going to be tightening on in the private sector.”
“So, I think there's going to be an aggressive attempt on the part of Treasury together with the Fed to expand credit because it's going to need to be expanded uh by the uh the Fed and the Treasury because it's going to be tightening on in the private sector.”
“So, uh, that creates a big problem and there's got to be credit flowing in order for that debt to be refinanced.”
“So, it's really kind of a do or die situation for Treasury.”