Ok, it is well known that Biden was the stupidest man in the United States Senate. And with Washington’s Patty Murray in the Senate, that’s quite an achievement.
But Biden is president and he’s still stupid and he’s spiraling down the rabbit hole of dementia. He is blaming Republicans for his budget proposal to end the debt ceiling crisis despite previously saying he would negotiate. Biden’s puppeteers are apparently telling him to risk default by playing the blame game.
Thus, the price of the US Credit Default Swap (CDS 1Y, SR, EURO) remains high, indicating that Biden, Yellen and Schumer may default on US debt.
As M2 Money growth crashes and burns, the US Treasury’s 2yr-3m yield curve inverts to the lowest level on record.