The Downward Vortex of Governance

We have clearly worse governance than we've ever had, and there's no particular indication that it's going to get any better. I feel like things were undoubtedly chaotic and unpredictable under Trump. We're realizing that this kind of chaos with Kevin McCarthy running the House on a slender majority where he can't really deliver anything is kind of the new. The treasuries right now are the safe haven. There's nothing that can be done. It would cause enormous dislocations. But a US treasury default doesn't act in the same way that any other default does because the lender will get their money back. In the event of US default, the recovery value is going to be 100 cents on