There are not many certainties in the world of money, but this traditionally has been one of them: When life turns scary, people take refuge in American government bonds. Investors buy U.S. Treasuries on the assumption that, come what may -- financial panic, war, natural disaster -- the federal government will endure and stand by its debts, making its bonds the closest thing to a covenant with the heavens. Yet turmoil in bond markets last week revealed the extent to which President Trump has shaken faith in that basic proposition, challenging the previously unimpeachable solidity of U.S. government debt.
Trump is responsible for the Moron Tax, that all Americans will be obligated to pay for the next century on our $30+ trillion in national debt. Because we must now pay extra to convince people to buy our bonds:
"Moron premium."[image or embed]" Ed Moltzen (@emoltzen.bsky.social) April 12, 2025 at 8:37 AM
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