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 - ThreadSky

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

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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.

tealemery.bsky.social•25 days ago

I'm not sure tbh. I rely on reporting from Tankus + Wired.

But alas, I think the point is that whether or not BigBalls has access to it now or not:

There are no durable guardrails stopping that. They’ve already defied courts, norms, and common sense.

th271.bsky.social•25 days ago

Sadly, I fully agree.

Still curious to understand the technicalities I mentioned- I hope we won't have to find out. In normal times these systems running smoothly is what you'd expect without wasting time thinking about it. These days..

tealemery.bsky.social•25 days ago

Yeah, I used to go to Turkey a lot in the mid 2010s. And its engrained in my memory that sheen you fire a lot of your smartest, most experienced public servants and neuter the courts, dumb shit ensues.

th271.bsky.social•25 days ago

Totally. This demolishing of state capacity will cost the US big time, unfortunately. I think EM experience is very useful these days if you accept that political downwards spirals are not somehow magically limited to some group of faraway countries

tealemery.bsky.social•25 days ago

Lol, for years after leaving the buyside I had friends in HFs pinging me every time Erdogan fired another central bank governor.

Curious to see what it looks like when Trump and a Ketamine addled Musk set their sights on the Fed after growth or equities slump.

th271.bsky.social•25 days ago

Oh, monetary policy will absolutely be in the crossshairs, it seems so very predictable. Look at the q1 forecasts and equity markets right now, i assume it will start soon

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