Krugman has this to say about it:
For those not familiar with how financial markets work, US Treasuries are the ultimate safe asset, used as collateral for everything. Even a hint that some Treasuries might not be honored could bring everything to a screeching halt
Musk and Trump are both in the habit of stiffing people they owe money. If markets even suspect that this habit will extend to Treasuries, God help us
The 14th Amendment clause about debt validity exists precisely because of this flavor of posturing oligarchs – now we’ve got bargain-bin John Galt cosplayers auditing T-bills between meme stocks. Trump’s “irregularities” schtick is just sovereign citizen logic scaled to national debt levels, complete with DOGE bros LARPing as forensic accountants.
Declaring chunks of debt illegitimate isn’t fiscal policy – it’s a wealth incinerator disguised as a spreadsheet error. Markets would implode if taken seriously, but the real damage is normalizing this circus as governance. Treasury raids morphing into TikTok challenges where the prize is collapsing the dollar’s reserve status.
Constitutional bedrock becomes optional when your economic advisors mainline 4chan threads. The only “irregularity” here is the cognitive dissonance required to bankrupt a superpower for clout.