But where the constitution, norms, and a 250-year tradition of democratic governance has not stopped the Trump administration, perhaps major asset price moves will? Not the hero we want. But maybe the hero we need? - ThreadSky

tealemery.bsky.social • 28 days ago

But where the constitution, norms, and a 250-year tradition of democratic governance has not stopped the Trump administration, perhaps major asset price moves will?

Not the hero we want. But maybe the hero we need?

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th271.bsky.social•28 days ago

You are certainly not alone with this opinion: Will the credit rating agencies stand up to Donald Trump? - https://on.ft.com/40UlwMc via @FT

tealemery.bsky.social•26 days ago

Yeah, Moritz knows what he's talking about as he was one of the key folks at S&P during the first US downgrade. Good article.

th271.bsky.social•25 days ago

Exactly. If CRAs take the concepts "political risk" or "institutional stability" seriously, the implications are clear as day when you look at the news coming out of the US these days. Investors ignore these risks at their peril

tealemery.bsky.social•25 days ago

Not much stopping BigBalls getting all Zynned up and stop payment on certain US Treasuries obligations.

Nothing to see here.

th271.bsky.social•25 days ago

I share the sentiment but is it actually the case? It's a question I have been trying to understand for some time- what part of the US treasury's systems can Musk's -shall we say- envoys access and what part of these systems is responsible for bond repayments / debt service

th271.bsky.social•25 days ago

If I have it right TreasuryDirect is for retail investors what TAAPS is for institutional investrors- a way to purchase bonds from the US treasury. What I don't know is how Treasury then services these debt obligations and if/how these systems are accessible by Musk et al.

econmaett.bsky.social•28 days ago

Do you remember when the Clinton admin projected the US would soon have paid down all outstanding debt and there would be no more treasuries? They wrote this banger 👇
@npr.org

https://media.npr.org/assets/img/2011/10/20/LifeAfterDebt.pdf

tealemery.bsky.social•28 days ago

That is a real gem from another era

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