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Opinion | How Trump Could Get Us Into a Debt Crisis - The New York Times
Imagine if Mr. Trump threatens to withhold debt payments to China, prompting the Chinese to sell their nearly $1 trillion portfolio of U.S. debt. The sell-off would be likely to make financial markets jittery. But would it end there? Would other foreign investors, who together hold nearly a third of outstanding Treasuries, worry they might be next?
Political blunders have always been the more concerning potential trigger for an American fiscal crisis. We are not discounting the economic costs of carrying a nearly $2 trillion deficit, one that is likely to increase over time. Rising federal borrowing competes with private-sector investments for people’s savings. To entice investors to lend increasing amounts to the federal government, Treasury rates have to rise. That pushes up interest rates across the economy, which means businesses have to pay higher rates when they borrow. As a result, there is less private investment and ultimately less wealth for future generations. Those effects are unfavorable, but slow and predictable.
The political threat is more acute and builds on years of dysfunction in how the government manages the country’s finances.
Podcast: Why Income Inequality and ‘Counter-Elites’ Spell Bad News for the UK - Bloomberg
Turchin says the fall of a ruling class is almost always driven by the same set of circumstances, the main one being overproduction of elites. If you have a long period of peace and prosperity, he says, that will create more elites than there are high status jobs. The result is an angry upper class, who fast become counter-elites.
Sticking to your narrative: drumming in someone's face as peacemaking
Neither do they detail the fact that Phillips only walked near the writhing mass of sneering young white men as a way to try and calm them.