The US debt penalty has been disguised from public awareness because absolute interest rates have remained low, so investors didn't notice they were being penalized with a risk premium relative to what rates should have been for a riskless borrower.
factualpending
Speaker
Richard BernsteinEvidence Quote
“Because the absolute rate of interest was so low. Nobody cared”
Source
The Colossal Mistake | The Danger of Narrow Markets — Practical Lessons from Richard Bernstein— Excess ReturnsCreated: 8/11/2026, 7:31:42 AM
My Notes
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