treasury

Alarmists On the Left and Right Can Relax, Debt and Default Are Priced

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Whatever worries you about what’s going on in the world, stop. The advice is wise not because your fears aren’t potentially valid, but precisely because they’re potentially valid. If they are, rest easy that what keeps you up at night has already been priced. Take the present budget debate between the left and right. […]

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Governments Reliant On the ‘Printing Press’ Are Notably Small

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If Congress relied on federal printing presses to fund its spending, then by definition the spending footprint of Congress would be very small. Yes, you read that right. No need to read it again. To understand why this is true, stop and think what the market reaction would be if it were actually true

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