We’ve evolved in the space of a decade from “deficits don’t matter” to “defaults don’t matter.”
It seems flabbergasting that a conservative party could arrive at this destination.
Yet the new mood exemplifies the trend we have seen over the past three decades, whereby one after another the “rules of the game” have been discarded...
And now even the debts and obligations of the United States become a tool of politics.
Everybody seems to assume that the rules will be reasserted before the game gets too dangerous. Maybe. Let’s hope. But one year’s outrageous innovation has a bad habit of becoming next year’s new normal.