And what do you propose to do when ‘let it burn’ involves unwinding the derivative risk pool underlying the insurers?
Do you have any idea what happens to the country, financially, if that happens?
;’The Great Shutdown Depression’ will be fondly remembered as the ‘good old days’ in comparison.
Imagine what would happen to insurers if a cat5 cane hit every coast at once.
Or the cascadia, new madrid and (pick any fault in California) all went off at the same time.
That ‘burn through it’ is literally a nuclear holocaust of financial harm.
“And what do you propose to do when ‘let it burn’ involves unwinding the derivative risk pool underlying the insurers?”
A declaration of a universal debt holiday and a complete repudiation of the US debt.
/s
No, really.
/s
Honestly I’m of mixed thoughts on that one.
“Do you have any idea what happens to the country, financially, if that happens?”
I don’t think the civil order would hold together in a burn through scenario.
It’s just not an option.