The PIMCO two step

They talk their bet. When they bet against Treasuries, they claim we are at risk of default. When they reverse their bet, suddenly Treasuries must be guarded with our lives:

NEWPORT BEACH – It has been raised more than 70 times in the last 50 years, mostly without commotion. It must be raised again this summer if the United States government is to continue paying its bills on time. But now America’s debt ceiling has become the subject of intense political posturing and touch-and-go negotiations behind closed doors. And, obviously, the outcome has implications that go well beyond the US.

The web bots are laughing at these histrionics.