The News: Captive Capital Meets Sovereign Debt
According to Bloomberg, Mexico's Afores — the country's mandatory private pension fund system — now hold a record share of public debt, a development framed by the report as a boom for government financing but a growing concentration risk for retirement savers. On the same day, Bloomberg reported that Bulgaria sold €2.25 billion in bonds to plug a budget deficit, while Morningstar publicly rotated recommendations toward Brazil and Mexico, away from South Africa. Separately, Lux Capital is reportedly in talks to join a funding round for Onodrim at a unicorn valuation.
None of these four stories are about a stock market crash. Together, though, they describe something Bubblepedia's participant-composition framework treats as diagnostic: capital that is structurally obligated, yield-starved, or momentum-driven is doing the buying, rather than capital exercising independent judgment about price. That distinction — who is buying, and why — is exactly what separated the market of 1925 from the market of 1929.