The Death of Risk
It’s a very weird place for an economy to find itself, where the entire idea of ‘risk’ gets obliterated because of an intentional erosion in the full faith and credit of the US government, and I think that all of our economic models and projections about what happens next are going to be wrong.
The Death of Risk
It’s not a market collapse that I see coming out of all this. That’s fire. All I can see is the long gray slog of stagflation. And I think that’s worse.