Joe Biden

All these things become very immediate. It doesn't matter. I can't pay my mortgage with a treasury bond. I need actual dollars. And so you just start with the cliches. You sell everything that's not nailed down. You sell your desk. You sell your headphones, et cetera.

All these things become very immediate. It doesn't matter. I can't pay my mortgage with a treasury bond. I need actual dollars. And so you just start with the cliches. You sell everything that's not nailed down. You sell your desk. You sell your headphones, et cetera.

And so I think it's like rumblings of that where there's this like very acute sense of anxiety where it's like, I just want to survive to the next day. I just want to survive to the next month. And treasuries are one of the things in the menu of things that you can sell. Treasuries are one of the things that's available to you.

And so I think it's like rumblings of that where there's this like very acute sense of anxiety where it's like, I just want to survive to the next day. I just want to survive to the next month. And treasuries are one of the things in the menu of things that you can sell. Treasuries are one of the things that's available to you.

Yeah, I mean, look, I do think it's probably too early to say. But, you know, look, there are other signs of it, too, of this sort of like, you know, the U.S. is turning away from the rest of the world in sort of very straightforward ways. That's what tariffs do. And you see various ways that the rest of the world is turning away from the U.S.

Yeah, I mean, look, I do think it's probably too early to say. But, you know, look, there are other signs of it, too, of this sort of like, you know, the U.S. is turning away from the rest of the world in sort of very straightforward ways. That's what tariffs do. And you see various ways that the rest of the world is turning away from the U.S.

You see it in the drop of, you know, I tend not to put a ton of stock in, like, polls of how people think about the U.S. at any given time, but they're way down. We see tourism way down from other countries already. That's already hit. You know, today there were headlines about, you know, I think there's this hope that, for example, you know, the U.S.

You see it in the drop of, you know, I tend not to put a ton of stock in, like, polls of how people think about the U.S. at any given time, but they're way down. We see tourism way down from other countries already. That's already hit. You know, today there were headlines about, you know, I think there's this hope that, for example, you know, the U.S.

could become have a good relationship with the Vietnamese, for example, on Pryway, one of China's neighbors. Seems very implausible to me. China is going to be an important supply and demand source for Vietnam and its future. It's its next door neighbor. There were headlines today about China wanting its companies to deepen their investment in Vietnam.

could become have a good relationship with the Vietnamese, for example, on Pryway, one of China's neighbors. Seems very implausible to me. China is going to be an important supply and demand source for Vietnam and its future. It's its next door neighbor. There were headlines today about China wanting its companies to deepen their investment in Vietnam.

So, you know, I think you look at Europe, you saw the prime minister of Spain already talking about deepening its relationship with China and so forth. So I think there's certainly a risk that just as we're turning away from the rest of the world, that the rest of the world, like, rethinks its relationship with us.

So, you know, I think you look at Europe, you saw the prime minister of Spain already talking about deepening its relationship with China and so forth. So I think there's certainly a risk that just as we're turning away from the rest of the world, that the rest of the world, like, rethinks its relationship with us.

You know, I started my career as a financial journalist in 2008, October 2008 specifically. So, you know, the collapse of Lehman Brothers and the failure of authorities then to sort of like stem that major bank run was to always, to my mind, the sort of defining event of my career. And, you know, I always thought it would be. And COVID for a second seemed like it could be that as well.

You know, I started my career as a financial journalist in 2008, October 2008 specifically. So, you know, the collapse of Lehman Brothers and the failure of authorities then to sort of like stem that major bank run was to always, to my mind, the sort of defining event of my career. And, you know, I always thought it would be. And COVID for a second seemed like it could be that as well.

But, you know, then obviously there was a pretty forceful economic response. And I, like a lot of people, were surprised to some extent the degree to which something resembling normalcy or something resembling the pre-COVID life came back to the pre-COVID economy and it actually came back extremely fast. This feels really different to me. This feels really different than 2008.

But, you know, then obviously there was a pretty forceful economic response. And I, like a lot of people, were surprised to some extent the degree to which something resembling normalcy or something resembling the pre-COVID life came back to the pre-COVID economy and it actually came back extremely fast. This feels really different to me. This feels really different than 2008.

And I think it's certainly plausible that it's a bigger deal than 2008. I don't know if it's going to be a bigger deal in terms of like unemployment per se, because I don't, you know, it's a different, it's different. But the idea, you know, this seems like one of those bells that's hard to unring because even, you know, the tariffs are still here. They don't seem like they're going anywhere.

And I think it's certainly plausible that it's a bigger deal than 2008. I don't know if it's going to be a bigger deal in terms of like unemployment per se, because I don't, you know, it's a different, it's different. But the idea, you know, this seems like one of those bells that's hard to unring because even, you know, the tariffs are still here. They don't seem like they're going anywhere.

In theory, the tariffs could be totally reversed, but it's hard to imagine the president credibly committing to never using them again, right? This is the problem. He could completely reverse the tariffs tomorrow, and then he could reverse himself the next day. And so I think people have really woken up to this idea that, like, the relationship that the U.S.

In theory, the tariffs could be totally reversed, but it's hard to imagine the president credibly committing to never using them again, right? This is the problem. He could completely reverse the tariffs tomorrow, and then he could reverse himself the next day. And so I think people have really woken up to this idea that, like, the relationship that the U.S.