In Brief: It's a Debt Trap (with Justin Wolfers)
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Can Higher Interest Rates Cause a Catastrophe?
There's the potential for a catastrophe and how those two different things play out quite differently. The pain from that's already started because investors around the world who've always thought that the US would never default on its debt are watching Washington right now. And they're trying to convince Democrats that they would do it so they have more leverage. As a result, we're probably all playing, paying slightly higher interest rates right now Because they can anticipate what's already happening.
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