Robert Pape

And so what are they hearing?

They're just hearing, you want us to bail you out and take all your pain.

They're not going to do it.

We're not even – it's not just we're not admitting we're losing.

This is much worse than that.

When we're talking about these leaders, this is power politics of the first order.

here and this would be like companies this is like you're getting in a deal with a set of companies and the leading company makes a decision that the whole group goes down well what would be the rest of them would want before they walk well what if the leading company says okay i'll it was my fault i made a mistake i'm gonna backstop you for say a year okay that would be like a business way to handle this all right where is that nowhere and that was why president trump is getting nowhere

Now, I don't think you could see right away, getting that through the U.S.

Congress right now, probably not happening.

So this is why we're in an escalation trap.

I can give you solutions to get out of the trap.

Well, they do, but if we Welsh on that, what that's going to do is increase interest rates for the next round of debt.

So bring Scott Besson on.

And you talk to him about whether we should welch on this for real.

No, no.

I'm just telling you what will really happen.

That's a non-issue.

Then we don't have leverage.

If we can't welch on their deal, we have no leverage over Japan.

There's no leverage there.