Paying the Piper

We have lent a huge amount of money to the U.S., so of course we are concerned about the safety of our assets. Frankly speaking, I do have some worries.

...as John H. Cochrane, a professor of finance at the University of Chicago's Booth School of Business, explained in a recent article of mine, "Once you have a flight from U.S. government debt, there's nothing the Fed can do about it...If people don't want more U.S. Treasury debt, then the Fed is out of ammunition."