Harris “Kuppy” Kupperman, founder and chief investment officer of Praetorian Capital, argued in a program recorded on Aug. 28, 2026 that the Federal Reserve choked off what he sees as the first real U.S. recovery since the global financial crisis. In his telling, policymakers chose to suppress that rebound and preserve what he called a “permanent asset bubble.” Kuppy framed the current environment as a “multi-speed” economy: financing-heavy sectors such as housing and autos are constrained by high rates, while cash-funded areas like data centers continue to expand. He used that backdrop to explain his broader “economic feudalism” thesis, which tries to account for why nominal GDP can still run at 6% to 7% while consumer-facing industries such as restaurants, retail, homebuilding, and autos struggle. He also extended the argument to China, Europe, and Japan, discussed AI as a force that could intensify the same structure, and said Praetorian no longer owns assets that depend on GDP growth. Instead, the firm holds brokers, exchanges, and market infrastructure. Kuppy also said he does not short anything, would not run heavily leveraged longs, and remains skeptical of the Fed’s 2% inflation target.