The Starbucks Principle: Just because something seems stupid and wrong, like opening four Starbucks outlets on the same intersection, that doesn't mean the mark

The Starbucks Principle: Just because something seems stupid and wrong, like opening four Starbucks outlets on the same intersection, that doesn't mean the market will punish it. Some people are deeply offended by the fact that America's unique position in the world economy allows it to run an incredible deficit without being punished by the market. The bond vigilantes are just a bogeyman invoked to preserve the illusion of a just world. The reality is that heavily-indebted examples like Japan suggest that the US can probably be mismanaged for decades before real consequences kick in.