The US cannot mathematically sustain their debt and deficits without sustained negative real rates. So don't tell me the downgrade doesn't make sense. Tell me which suckers at the card table, collectively have a big enough balance sheet to hold 32 trillion in debt atnegative real rates. I think there's a decent possibility that the markets have written off the pivot. We've forgotten about it, but at some point in time, the money printer must resume.

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