Chapter 13

⁠​​​‌​​​​​​​​‌​‌​​‌‌​‌‌‌​​‌​‌​‌​​​​​​‌‌‌​​‌​​​​‌‌​​​‌‌‌‌‌‌​​​​​​‌⁠Funny thing about investor confidence: often as not it relies more on faith than facts. Give it a little unsettling heat, and it can just melt away. Belief turns to fear, then blind panic.

Insight number two: the bigger you are, the more scared you tend to get. So what appeared to be a sudden Japanese loss of conviction regarding the U.S. Treasury's ability to meet its standing obligations received