A former manager of $70 billion in bonds says Washington will never rein in spending, so a much weaker dollar is coming — bad for savers and bond holders, good for gold and Bitcoin.

• US government debt has passed $40 trillion, and long-term borrowing costs are the highest in two decades.
• The Treasury has started buying back long-term bonds, but the amounts are tiny next to the debt — duct tape on a leaking boat.
• Neither party will cut spending, so the pressure valve becomes a cheaper dollar; the dollar could fall another 30% against other currencies without "collapsing."
• The advice: earn in dollars, spend in dollars, but save in hard assets — gold, silver, or Bitcoin — since even money markets don't keep up with how fast dollars are being printed.
• A Bitcoin-backed dollar would suit the US better than a return to gold, because China and India hold far more gold while most Bitcoin sits in American hands.

Outlook: Expect long-term yields to keep climbing until something breaks, then heavy Treasury and Fed buying — with wild swings and higher prices for gold, silver, and Bitcoin over the next year or two.