People lose faith in the USD and the only recourse to weakness will be to jack rates up
In 2022 100% of our budget will already be going to existing liabilities
We cant afford higher rates
Other countries stop buying treasuries —> we jack up rates further -> our interest expenses increase and we need to issue more debt —> more people stop buying —> higher rates...etc
This is a recipe for instability.
The working class is going to be funding the excesses of the last 50 years