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Cake day: July 14th, 2023

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  • “We’re even looking at Treasuries,” the Republican said. “There could be a problem — you’ve been reading about that, with Treasuries and that could be an interesting problem.”

    For some reason, the president went on to add, “It could be that a lot of those things don’t count. In other words, that some of that stuff that we’re finding is very fraudulent, therefore maybe we have less debt than we thought.”

    His comments were, for all intents and purposes, gibberish. But more importantly, they were also potentially dangerous.

    “For those not familiar with how financial markets work, US Treasuries are the ultimate safe asset, used as collateral for everything,” economist Paul Krugman explained. “Even a hint that some Treasuries might not be honored could bring everything to a screeching halt.”