My fear isn't a stock crash. That's been happening in slow motion for months.

My fear isn't a recession. Given the damage the Trump administration has done across industries and to the government workforce, that's a certainty.

The big, scary thing is the undermining of trust in U.S. debt. Beyond the reckless tariffs, the huge drop in income tax revenue will put in doubt America's ability to pay its obligations. Even the lowest risk savings will lose value. Economic life will grind to a halt.