Noah Smith

We could tell you for, you know,

Britain many years ago, or Russia many years ago, or America 100 years ago.

But those aren't necessarily comparable.

Those aren't necessarily the same.

There's no law of the universe here.

There's no gravitational constant here.

There's no law of economics.

And some people tried to establish a threshold, but there's no threshold.

It's really, you can't put a number on it when people start to

get scared.

It's when, it's when people start to get scared and there's not even an objective because expectations based, right?

It's based on when all these people decide to stop buying the government debt and that's human psychology, right?

We don't know when grandma's and chase and all these people are going to stop, are going to decide to stop buying the debt.

We don't know, like it's human psychology based.

And so I, you know, we don't understand that.

And there can be, you know, this very rapid shift in expectations where people say, okay, America's done.

you know, like they're not going to pay their debt back.

This thing is collapsing.

Let's head for the exits.

And then there's the stampede, right?