A problem has been seriously underestimated. The structural risk faced by the U.S. Treasury Department, simply put, is a debt refinancing wall. Trillions of dollars in debt will mature in 2026—either in ten years or next year.

The core issue is this: these debts were issued when interest rates were near zero. Now? They must be rolled over at higher interest rates. Imagine—interest expenses will directly soar.

A chain reaction follows: markets need to adjust, fiscal spending must be controlled, tax policies could change, and even the dollar's purchasing power might be impacted. It appears to be a structural pressure point, not an immediate blowout. But once triggered, stocks, bonds, real estate, cryptocurrencies—no asset class will be immune.

This is no small matter. The initiation of such a large-scale sovereign debt refinancing cycle is beyond what the market can absorb in terms of risk.