David Kotok, chief investment officer and co-founder of Cumberland Advisors, welcomes Jack Farley to “Camp Kotok” with an interview. Kotok explains the origins of “Camp Kotok” and makes the case that, contrary to popular understanding, Fitch’s recent downgrading of U.S. debt is, in fact, a big deal. Filmed on August 5, 2023.

David Kotok's analysis on the debt ceiling: https://www.cumber.com/market-commentary/cost-debt-ceiling-crisis

About Camp Kotok: https://www.cumber.com/about/camp-kotok

Follow David Kotok on Twitter https://twitter.com/DavidKotokGIC

Follow Cumberland Advisors on Twitter https://twitter.com/CumberlandADV

Follow Global Interdependence Center on Twitter https://twitter.com/Interdependence

Follow Jack Farley on Twitter https://twitter.com/JackFarley96

Follow Dave Nadig on Twitter https://twitter.com/DaveNadig

Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance

Follow Blockworks on Twitter https://twitter.com/Blockworks_

Big thank you to David Nadig of VettaFi for supplying the drone footage: https://www.youtube.com/watch?v=wT1H7or-sHo

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Timecodes:

(00:00) Introduction

(00:10) The History Of Camp Kotok

(11:11) Fitch's Downgrade Of U.S. Treasury Debt

(20:56) 2023 Debt Ceiling Drama Imposed Real Cost On Borrowing Rates

(28:58) Alternatives To The Global Dollar System

(31:29) Anecdote From Municipal Bond Market

(35:46) Will Interests Rates Go Even Higher?

(38:32) The Federal Reserve's Assistance To The U.S. Banking Sector In 2023