The Circular Trap of Fed and Treasury Rates

In the past, would we run into economic crises or financial crises? The US government was, you know, basically not underwater. They had enough balance sheet capacity to absorb any debt issuance that they needed to make. In 2008, post 2000 and post 2008, we had still persistent international demand for US treasuries from foreign central banks. But as we're running into 2023 and 2024, we have a situation where the treasury is more underwater than it has been since 1941.