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David Kotok, chief investment officer and co-founder of Cumberland Advisors, welcomes Jack Farley to \u201cCamp Kotok\u201d with an interview. Kotok explains the origins of \u201cCamp Kotok\u201d and makes the case that, contrary to popular understanding, Fitch\u2019s recent downgrading of U.S. debt is, in fact, a big deal. Filmed on August 5, 2023.\n\nDavid Kotok's analysis on the debt ceiling: https://www.cumber.com/market-commentary/cost-debt-ceiling-crisis\n\nAbout Camp Kotok: https://www.cumber.com/about/camp-kotok\nFollow David Kotok on Twitter https://twitter.com/DavidKotokGIC\nFollow Cumberland Advisors on Twitter https://twitter.com/CumberlandADV\nFollow Global Interdependence Center on Twitter https://twitter.com/Interdependence\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Dave Nadig on Twitter https://twitter.com/DaveNadig\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n\nBig thank you to David Nadig of VettaFi for supplying the drone footage: https://www.youtube.com/watch?v=wT1H7or-sHo\n___\nTimecodes:\n(00:00) Introduction\n(00:10) The History Of Camp Kotok\n(11:11) Fitch's Downgrade Of U.S. Treasury Debt\n(20:56) 2023 Debt Ceiling Drama Imposed Real Cost On Borrowing Rates\n(28:58) Alternatives To The Global Dollar System\n(31:29) Anecdote From Municipal Bond Market\n(35:46) Will Interests Rates Go Even Higher?\n(38:32) The Federal Reserve's Assistance To The U.S. Banking Sector In 2023