US Debt Hits $40T, Gold Surges & ASX Earnings Winners and Losers

US debt hits $40 trillion. Bitcoin surges 20%. Moderna rockets 177% on a breakthrough cancer treatment. And Bessent starts buying the long end of the curve — is this the white flag on US fiscal discipline?In this week's Bulls vs Bears, Mark, Phil, JT, and Finn (filling in for Kai) break down ASX earnings season — CSL shines (+7%), BHP delivers a record dividend, and consumer discretionary gets hammered across the board. Plus the team debuts a new segment: Buy, Avoid, and Wildcard picks.Topics covered:$40 trillion US debt — what it means for fiat currency and precious metalsBitcoin's 20% rally, the Clarity Act, and why Finn says be patient on the 4-year cycleASX earnings: CSL, BHP, Stockland (+12%), Breville, and the consumer pain tradeWhy gold miners are still cheap despite record gold pricesBond yields, yield curve targeting, and Bessent's "surrender"Oil creeping toward records while the US consumer burns through savingsEach team member's Buy, Avoid, and Wildcard picksBulls vs Bears verdict: 2 bearish, 2 bullish heading into NVIDIA weekNext week: RBA Minutes, Aussie CPI, NVIDIA earnings, Jackson Hole, and the "Next Winners in AI" webinar.General advice only. AFSL 579 757.