&gt; Ts are being printed without even the slightest regard for the (old-fashioned) concept known as fiscal rectitude.<p>&gt; Scarily, there are something like 70 trillion of swap contracts outstanding.<p>I guess there&#x27;s 15-20T in T&#x27;s outstanding... if there&#x27;s 70T in swaps (that don&#x27;t have a Fed or an army behind them), what would your comment on their &#x27;fiscal rectitude&#x27; be?