The debt of the United States has surpassed the threshold of 40 trillion dollars, above its gross domestic product (GDP), that is, the value of all the wealth it generates in a year, which exceeds 30 trillion. In the second term of President Donald Trump, which began in January of last year, about 4 trillion has been added due to the costs of the war with Iran. And the tariffs he had imposed globally stopped being collected after the Supreme Court annulled them. The solution will not come through other revenues, through tax cuts for companies and large fortunes. All of this, together with Trump's unpredictability, raises doubts about the economy of the world's leading power. Uncertainty has costs and is expensive.

In a world dominated by uncertainty and with a completely unpredictable President of the United States, public debt, which countries issue to finance themselves, has soared to yields like those of 20 years ago, in a crisis phase.

If investors are patient and don't let nervousness get the better of them when prices fall or rise, stocks are the financial asset that offers the highest returns. Since 1900, shares in companies listed on the Spanish stock exchange have yielded an average of 2% more than bonds and long-term government debt, according to the study. Global investment returns yearbook 2026 (Global Investment Performance Yearbook 2026) published by the Swiss bank UBS in collaboration with Professor Paul Marsh and Dr. Mike Staunton (London Business School) and Professor Elroy Dimson (University of Cambridge) with data from 35 countries.

US 30-year Treasury bonds have soared their yield to above 5% (5.07%), the highest level in almost two decades. This trend—the movement between prices and yields is inverse, with lower prices leading to higher interest rates and higher prices leading to lower yields—means that money is fleeing these assets, meaning demand is falling, whereas until recently they were considered a safe haven in times of uncertainty. The US must pay more, that is, pay more, to raise funds to finance itself.