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People need to accept that the world's wealthy are tired of having to pay a premium for intellectual labor from US citizens. They can get it cheaper elsewhere, and they plan to.
The goal is not to bring the rest of the world up to the US's standards of living, the goal is explicitly to bring the US standard of living down to match the rest of the world. They want us to accept lower pay and a lower standard of living, and they're willing to tear it all apart and divide us so we're at each other's throats fighting for the scraps that are left.
As I've said before, the wealthy are in "let's strip mine this bitch!" mode because they have decided the US citizenry do not offer the value they want or need anymore. The "shining city on the hill" is now a slum and they want to keep it that way.
Literally I have been saying for at least a decade now that it has felt like wealthy have had a plan to just give up on the US, and now it's coming to fruition. They've extracted the wealth, and now they're hanging us out to dry.
The US has been living on credit cards for decades now. The rest of the world has supported it because the most important thing for everyone is stability. With trade agreements getting ripped up, and nonsense tariffs everywhere, supporting Americas consumption habits is not necessarily in the world's interests anymore.
Canada alone holds almost $500 billion in US debt. Europe and Japan hold another $2.5 trillion in US debt. America is picking fights with people who can bankrupt them.
Some material bits here - the US can't run out of dollars so they can repay all of this debt, since it's denominated in US dollars. The foreign countries can't force the US to give them dollars in place of the bonds they hold, as far as I'm aware, since those bonds have predefined maturity dates. The US only has to pay their value in dollars as they come due. Which they can always pay. So bankruptcy from foreign debt isn't on the cards. What foreign countries could do is not buy new US debt with the dollars the US pays them as bonds mature. That would leave the above mentioned dollars in international circulation and therefore devalue the dollar. And that would have implications on what the US can buy from other countries. Arguably this is the intended goal of Bessent and Miran. Although they were hoping to achieve it by getting other countries to appreciate their currencies against the dollar via Bretton Woods-style agreements.
You are correct. "Bankrupt" is a little strong. But selling existing bonds back into the market while the U.S. is trying to issue new debt would not be great for America. I think dollar devaluation is 100% in the cards.
It's already down like 8% ytd