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Mainstream economic theory says that excessive government borrowing will "crowd out" the private sector. To put this in practical terms, the Biden administration needs to borrow many trillions of dollars to finance increased military spending, the green energy transition, and the social programs they want. But doing so without paying for it with tax increases drives up yields, "crowding out" potential homebuyers looking for mortgages, small businesses looking for loans, etc.

If people want to support reckless government spending, the leftist globalist/elitist program for America and so on, it makes sense they would buy government debt. But for the rest of us, buying government debt makes no sense as we are just kicking ourselves in the face by doing so, arming and equipping the enemy. Stick to corporate debt (or the debt of saner nations) and let the government figure out how to finance its deficit when most of the public treats it as radioactive.

Don't tell me US debt is the safest investment out there either. Not only do the ratings agencies' downgrades tell a different story, if most of the public stops buying and financing Washington's debt it will hardly be risk-free to hold it.

If folks followed your advice the irony is that the interest rate paid by federal debt would just get higher and higher—at some point greed would overwhelm even the hardest of hard core libertarians and they would be standing in line to buy government debt.

;-)

P.S. The reason for this is that markets are ultimately cold equations of risk vs reward. If the reward gets way above the risk level investors will want in....