[scoofy]

The idea that we've lived in this "deficits don't matter" fantasy for the last 25 years (45 years?) is that we have a situation in which nobody ever thinks about why the dollar is the world's reserve currency. Aside from simple path dependency, all of the foundational reasons why it became the reserve currency are hardly relevant any longer. So, we sit here driving the debt car as fast as we can, with no idea what is in front of us. Sure, it might work out, but the fact that many financial analysts don't put any risk premium on treasuries at this point just terrifies me.