
Mr. X: Red-teaming the US-China trade war (FFTT, 4/22/25)
If you don’t devalue the debt-to-GDP first drastically, quickly — because we’re on the clock now — you do run this risk of a sudden stop. And a sudden stop in the U.S. would look like S&P 500 down 20% in a month…initially 10-year Treasury yields would go down, for the first little part of that. People would say, ‘See, it’s going to work!’ And then 10-year yields would start going up. And by the