The legal insiders covering their bets

This morning, the Treasury Borrowing Advisory Committee (TBAC) picked up on this development and in its latest quarterly report to Janet Yellen, the TBAC said the cash balance may need to reach "significantly lower levels" by the end of the debt ceiling suspension period on July 31 - well below the $500BN expected in the latest Treasury projection - and as the TBAC warns, such a decline which could be “very disruptive” to the Treasury market

It is not a conspiracy, it is the law. The TBAC is tasked with making sure the wealthy are sufficiently paid to backstop Krugman and the foul Princeton Monetary Theory. And this is why we have revolts on both sides of the political spectrum.

What is the disruption? The ten year yield pops another half point and Yellen begins another rate cycle, which she will certainly have to do unless we want Fed taxes to soar and the banking crisis goes critical, and the rebellion becomes more severe.