We’re heading toward either extreme cuts in spending (radical income and job cuts) or repudiation of government debt. We know what a sovereign debt crisis (or crises) would do to bond markets. We know what bond collapses would do to the stock markets, and consequently, to millions more jobs. Maybe the time to pay the price for centralized, global management of business is not far off. ...maybe a few months to a couple of years? We’ll see.
Mr. Chang’s last paragraph of warning and advice (page 2) is interesting. It appears that he put a bit of conscience into that.
The bond crisis happened in the winter of 2008 and it is over.
Income isn't falling, it has been maintained throughout.
The treasury debt is a safe as the bank of England - no safer.
There isn't the slightest remote prospect of any debt repudiation in the US. Fever swamp doom mongers in washboards on the street corner are crying the end is nigh because they haven't been obeyed in all things, but they are hysterics and fools.
All there is to it.