By Ryan Grim
Photos: Wikimedia Commons
Donald Trump loves to quote the old saying (attributed to J. Paul Getty) that: “If you owe the bank $100, that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”
Yet somehow he managed to forget those words of wisdom headed into his quixotic trade war. The world owes us something like $36 trillion dollars, which means the world owns us.
By selling Treasury bonds, major countries we now treat as adversaries can raise interest rates on us, which then tanks our economy. That’s exactly what happened this week, and it’s why Trump blinked.
“The bond market is very tricky,” Trump explained while surrendering.
Tricky is one word for it.
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