The Last Trade E063: Soft Sovereign Default with Peruvian Bull

Crypto analyst and macro commentator Peruvian Bull joins Jackson Mikalic and the OnRamp team for an in-depth analysis of Japan's unprecedented monetary experiment and its implications for global financial stability. Peruvian Bull walks through 25 years of Japanese monetary policy—from zero interest rates to yield curve control—and how these policies created the conditions for one of the largest carry trade unwinds in history. The episode examines how Japan's 263% debt-to-GDP ratio makes a conventional hiking cycle impossible, effectively trapping the country in a cycle of perpetual monetary accommodation. The panel connects Japan's predicament to the broader thesis of sovereign default via soft debasement, and why Bitcoin represents the only truly neutral, non-sovereign store of value outside this collapsing system.