<p>Is the largest financial bubble in history hiding in plain sight?</p><p>In this episode of <em>The Puck</em>, Jim Baer sits down with veteran market analyst <strong>Doug Noland</strong>, a longtime chronicler of credit cycles and financial bubbles. Noland argues that today’s risks aren’t just about stocks, crypto, or housing—they’re embedded in the very structure of the global financial system.</p><p>Drawing on more than three decades of analysis, Noland explains how modern finance has shifted from traditional bank lending to a complex web of hedge funds, repo markets, shadow banking, and government-backed liquidity. The result, he argues, is a global credit system fueled by leverage and speculative liquidity that may now be approaching a dangerous turning point.</p><p>The conversation explores how hedge funds are using massive leverage in Treasury markets, why private credit and “shadow banking” have become central to the economy, and how AI financing could represent the next stage of speculative lending. If liquidity begins to unwind, the consequences could ripple through markets, private credit, real estate, and technology investment simultaneously.</p><p>Jim and Doug also examine the difficult policy trap facing central banks: print more money and risk inflation—or tighten conditions and trigger a broader credit unwind.</p><p>Whether you believe a crisis is imminent or not, this episode offers a deep look at how modern financial systems actually work—and why the next disruption could be very different from the last one.</p>