If US debt-to-GDP is such a problem, why aren’t US Treasury rates surging and other fiat currencies surging relative to the dollar?

The US balance sheet is not a household or a business that can go bankrupt.

It’s a nation state with tax laws backed by guns. There are ways to decline, of course, but very different from people or companies.

How can one person be so based. Thank you for posting solid takes consistently.

I find this to be an elevated point, but also:

1. There are certain crises in which it could be more valuable for countries to call US debt than keep eating

2. There is a some (big) amount of dollars we can print that also makes call > eat

In summary: just bc US can get away with it now doesn’t mean we can later