The World Watches the Way We Behave

I'm sick of hearing everybody saying it's a non-event. This is a major deal when we trip that debt ceiling and we default, even if it's a technical default, it's a problem for investors. And then spreads blew out because of it. So the entire world watches the way that we behave and we're behaving incredibly irresponsibly. Yet we have to because you can't taper up on Z as Max Kaiser points out. The only issue is we're now bouncing up against the deflationary guardrail. M2 is shrinking for the first time in a long, long time,. Things are starting to break and we saw Silicon Valley bank break.

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