Brendan Greeley

Because so much wealth globally is still held in treasuries, that if you pile out of treasuries, your own holdings of wealth begin to collapse as well.

So if there's a fire sale in treasuries, it hurts everybody.

Now, that's not a great detente.

I wish it were something else.

I also wish that America, in running up its debts, had thought creatively about what to do with them.

Mostly what we did was we paid for wars and we paid for tax cuts in America.

And we went through a financial rescue as well.

And then we went through a COVID rescue.

But we didn't really take all that debt that we've run up since about 2000 and build out infrastructure, schools, hospitals, the sort of things that make your economy more productive.

I really wish we'd do that.

We'd done that.

If we had, I'd feel much more relaxed about this debt because I'd feel confident that we've made the economy more productive.

As it is, we have not.

That's what worries me.

Thank you so much.