Stocks keep setting records while the dollar buys less each month — bad news for regular people, good news for whoever owns the biggest tech names and gold.

• Money is flooding into US stocks because the rest of the world looks worse, not because America is booming.
• Washington now pays over a trillion a year just in interest on its debt — more than the entire military budget.
• To avoid going broke, the government keeps interest rates below inflation and quietly creates money, which slowly eats the value of everyone's savings.
• Seven tech companies — Nvidia, Apple, Microsoft, Amazon, Tesla, Meta, and Alphabet — now make up a third of the S&P 500, the most top-heavy the market has ever been.
• Priced in gold instead of dollars, the S&P is down from its 2021 peak, so the record highs are partly an illusion of a shrinking dollar.

Outlook: Expect more inflation and a weaker dollar, with rich buyers moving into gold, farmland, and other hard assets.