Eleventh Note to “Tobah”

The collapse of Washington is perhaps inevitable. But if, for instance, on top of the debt and dysfunction there happens to be a bond rush that is set off by panic in the markets as a result of, let’s say, tariffs, then the collapse will come faster than we expect it to come. Nevertheless, the collapse is inevitable. It is not a matter of ‘if’ there is going to be a collapse, but rather, it is a matter of ‘when.’