Is this the end of the American century?
Adam Tooze: America Pivots, 4 April 2019
“... tax cuts for the better-off with a huge surge in defence spending. Why? Because they can. As Dick Cheney declared, to the horror of beltway centrists: ‘Reagan showed that deficits don’t matter.’ US Treasuries will be a liability for future American taxpayers, but by the same token they constitute by far the most important pool of safe assets for ... ”