00:00This crisis is different, right?
00:03When you hit the wall and you're trying to issue treasuries and the Fed is the only buyer
00:09and the prices of the treasuries are going down and interest rates are up, that's a dangerous thing.
00:14And so the thing I am talking about now is we know, people say, when are you going to hit
00:21the wall?
00:22I obviously don't know. It's impossible to know.
00:25But the law of economic gravity, you're not going to know that.
00:30So, and when we hit it, it will be vicious.
00:32So we have to prepare for that eventuality.
00:35And I think we need an emergency break-the-glass plan, which is targeted and short-term on the shelf
00:43so it's ready to go when we hit the wall.
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