Jim, you know that scene in The Big Short where Brad Pitt yells at the other two guys for celebrating their massive winning trade? Yeah... This is like that except point in a significantly worse direction long term and almost irreversibly as I understand it. The bond basis unwind, assuming regulations are put in place to increase margin requirements, could represent the shift away from American debt as the safest security and... like a deep recession is one thing to cheer for. But this represents something so much worse. A depression would be a moderate outcome if things keep trending this way.
You should all read this article. It's dense and somewhat complicated subject matter, but it's laid out pretty well: