sovereign debt

“You know, for example, Walter Riston was famous for saying, well, lending to countries is better than companies because countries can't default. They have infinite power of taxation. Yes, they do until they decide not to exercise it. And so all of these kind o…”

“You have pockets of assets that are richly valued. We think U.S. Equities, sovereign debt.”

“And as a result, we've built up tremendous amounts of sovereign debt, which were, I guess, manageable when rates were at zero. Well, rates are not at zero anymore. So as a result, there's a tremendous crowding out factor that is occurring right now.”

“The ability to deploy fiscal policy in scale or just fund or socialize losses Depends on your ability to roll over all your sovereign debt at a fairly predictable, fairly low rate. Otherwise, it just doesn't work.”