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kagrox.bsky.social • 13 days ago

https://bsky.app/profile/kagrox.bsky.social/post/3lhexxinuhx2l

New type of U.S. Treasury default just dropped: the fascist clowns in charge accidentally/intentionally declaring some of the debt invalid.
www.bloomberg.com/news/article...

Comments

richwanket.bsky.social•13 days ago

Full Faith and Credit was really something while it lasted.

cometsncats.bsky.social•13 days ago

Serious question, what happens if the Big investors get spooked and just stop buying, newly auctioned and/or 2nd market, treasuries?

kagrox.bsky.social•13 days ago

I don’t know. I guess Judge Kacsmaryk declares those investors don’t actually own their assets, and they actually belong to Donald Trump.

cometsncats.bsky.social•13 days ago

Thanks for the response!

To be clear, I was wondering what would happen if no one (Big Investors) bought any new treasuries at auction this week

Obviously an extreme example (for now. I hope) but I'm using it to better convey my question.

kagrox.bsky.social•13 days ago

The only serious answer is: we can’t know!

cometsncats.bsky.social•13 days ago

I appreciate the honesty.

Hoping we don't find out 😬

kagrox.bsky.social•13 days ago

I thought about trying to answer, but as I thought it through I realized I could only do it if I assumed everything else remained static, and there’s no reason to believe that.

iconoplasty.bsky.social•13 days ago

The largest holder of U.S. debt, IIRC, is the Social Security system.

Sounds like they intend to bankrupt the system through the back door.

kagrox.bsky.social•13 days ago

Also, Trump (and Musk) will Mint the Coin anyway, and each keep one.

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