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Shall We Repeal the Laws of Economics

Billionaire investor Howard Marks warns that the United States displays a total lack of fiscal discipline. In a memo published September 22, 2026, Marks discusses fiscal-driven inflation and the trajectory of US debt. While he sees trouble looming for the dollar, he advises investors not to sell stocks solely due to concerns over soaring national debt. His analysis has shifted market discussions regarding long-term interest rates away from the merits of rate hikes and toward broader fiscal stability.

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  • ✓ Howard Marks published a memo on September 22, 2026, regarding fiscal and debt issues.
  • ✓ Marks states the US displays a total lack of fiscal discipline.
  • ✓ Marks advises against dumping stocks based on worries about soaring US debt.
🛡️ Source Corroboration: 7 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Howard Marks released a memo on September 22, 2026, focusing on fiscal-driven inflation and US debt.

Live updates

  1. Howard Marks Warns of US Fiscal Indiscipline and Inflation

    Billionaire investor Howard Marks warns that the United States displays a total lack of fiscal discipline. In a memo published September 22, 2026, Marks discusses fiscal-driven inflation and the trajectory of US debt. While he sees trouble looming for the dollar, he advises investors not to sell stocks solely due to concerns over soaring national debt. His analysis has shifted market discussions regarding long-term interest rates away from the merits of rate hikes and toward broader fiscal stability.

    Why it matters

    The US debt trajectory influences global interest rates and the stability of the dollar. Investors must balance the risks of inflation against the performance of equity markets. Marks' perspective as a leader at Oaktree Capital Management provides a benchmark for institutional sentiment.

    What is confirmed

    • Howard Marks published a memo on September 22, 2026, regarding fiscal and debt issues.
    • Marks states the US displays a total lack of fiscal discipline.
    • Marks advises against dumping stocks based on worries about soaring US debt.

    Still unconfirmed

    • Trouble is looming for the US dollar.
    • Investors face a real dilemma regarding current economic conditions.

    What to watch next

    • Official US government reports on fiscal deficit and debt ceilings.
    • Market reactions to long-term interest rate shifts following the Oaktree memo.
    Sources used for this update (7)
    1. www.cnbc.com — Squawk Box
    2. Oaktree Capital Management — Shall We Repeal the Laws of Economics – Part III
    3. Bloomberg.com — Oaktree’s Marks Says US Displays Total Lack of Fiscal Discipline
    4. Business Insider — Billionaire investor Howard Marks says don't dump stocks because you're worried about soaring US debt
    5. Traders Union — Lyn Alden: Howard Marks shares new memo on fiscal-driven inflation
    6. finance.yahoo.com — Howard Marks pulls no punches on U.S. economy
    7. note.com — Marks Memo Reignited — Long-term Interest Rate Discussion Shifts Toward Fiscal and Debt Issues
    confidence 90%
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