You want to know what a Ponzi scheme looks like? Our social security is one of the best examples as it needs growing credit (vulgo: currency) and contributors to survive. But the bond market crash put the bubble under pressure and it is showing first cracks.

In a startling revelation, Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund, reported a staggering $4.5 billion loss for the quarter.

The GPIF, which manages an astounding 219 trillion yen in assets, including stocks and bonds, is a pivotal player in the international investment landscape. It had previously registered an impressive 18.98 trillion yen gain in the April-June period. However, the recent downturn in fortunes is indicative of the challenges facing financial markets.

The fund's performance for the July-September quarter displayed a gain of 1.33 trillion yen from domestic equities, but it was offset by losses of 1.52 trillion yen on domestic bonds, 403.7 billion yen on foreign bonds, and 91.1 billion yen on foreign equities. This resulted in an overall investment return of minus 0.31%.