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What is Dragon Bond?
About 18 months ago I wrote this weird, esoteric, wacky article. I made the case that once U.S. dollar interest rates went negative, all commodities would warp into backwardation. Meaning, the spot prices for all commodities would become more expensive than their futures price. This is now happening. Almost all commodities are now in persistent backwardation. All grains, sugar, lumber, and cotton; energy including natural gas and both Brent and WTI crude oil; base metals including copper, tin, and iron ore. They are all in backwardation now, and some have been that way for months now. The CRB commodities index is now climbing at its fastest pace ever, doubling since March.
And this is with various forms of lockdowns persisting in Europe and the U.S., which should mute industrial demand for commodities. Paper currencies are dying. That’s what’s happening, pure and simple. And they are about to get their death blow.
What death blow exactly? Short term nominal U.S. dollar interest rates will be negative within precisely 4 weeks.This is because Janet Yellen, now Secretary of the Debt, has now begun the process of dumping $929 billion directly into the U.S. banking system by the end of March. This is in addition to the $1.9 trillion “stimulus” bill and $1,400 checks to every American about to get through in a matter of weeks.
How to play Dragon Bond
More than two dozen other Minnesota electric cooperatives subsequently backed the findings, agreeing that threatening disconnection over a non-exporting solar project violated core cooperative principles.
The PUC largely adopted Meyer’s recommendations, ruling that Minnesota Valley acted “unlawfully and unreasonably” by threatening the tribe.
In a rare punitive move, commissioners also directed the Minnesota Attorney General’s Office to investigate the cooperative for potential statutory violations, which carry fines between $100 and $1,000 per infraction.
How to play Dragon Bond
This isn’t the first time this policy has been mooted in the Dutch parliament. A 2025 bill proposed raising the age for “higher-risk” activities like online slots.
Van Bruggen insisted more time was needed to establish whether an age limit hike to 21 would actually have the adverse effect of pushing young people in the Netherlands towards unlicensed offerings.
Among those pushing for the increased age limit were the SGP’s Diederik van Dijk and the CDA’s Tijs van den Brink.
