Yes, I understand your point very well. My point is two-fold, 1. that many small and stable jurisdictions can absorb excess capital even if there isn't a single

Yes, I understand your point very well. My point is two-fold, 1. that many small and stable jurisdictions can absorb excess capital even if there isn't a single stable player as large as the US, 2. it makes higher yield less stable jurisdictions more appealing on the margin. Ultimately, capital will flow away from the US if our fiscal stability is increasingly in question.