⚡️They print.The state will not accept a long stretch of honest funding costs if those costs start threatening fiscal stability, asset prices, banks, housing, and the political order at the same time. When the choice becomes currency discipline or system preservation, system preservation wins. Every time.The Fed does not need to wake up one morning and buy the entire Treasury market in a single theatrical move. The machine has quieter tools first. Lower rates into stress. Liquidity facilities. R