The en year has gone from 3.07 to 2.94 in a day, those are wild swings for a one to ten slope which is not 25 basis points. The developed nations, USA and Europe and Japan taxpayers cannot pay much above 3.25% on the risk free asset. If we are the world's reserve currency then we need to keep that rate close to 2.5%, just low enough t get cheap long term investment for government.
We are not stable enough to be the reserve currency. Interest charge too high for the generational change, we have an existential moment upon us.
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