Arnold Kling details what a debt crisis might look like at Reason

But how bad? What does an all-of-a-sudden debt crisis really look like? Economist Arnold Kling, a member of the Mercatus Center’s Financial Markets Working Group, tells me that “what it probably looks like is a relatively sudden, sharp jump in yields on U.S. government debt. This probably would start at the long end (10-year Treasuries) and work its way back to the short end, so that even 3-month Treasury bills would see yields rise.“