Steve Randy Waldman on Nostr: a financial crisis under current conditions might be much more disruptive, because it ...

a financial crisis under current conditions might be much more disruptive, because it is foreign enthusiasm for US financial assets that currently sustains the value of the US dollar. that was not really the case in 2008, when official reserve flows (e.g. from China) supported the dollar. treasuries and the dollar were a “safe haven" post-2008, empowering the US government to cut checks to bail out influential parties, and have those checks be valuable and effective. 7/