Friends,

As tens of millions of Americans hussle to pay their taxes, Trump has put the entire global economy into chaos. 401(k)s are tanking, savings are shrinking, treasury bonds are losing value, supply chains are convulsing.

Even America’s oligarchs are petrified. They contributed millions to Trump’s inauguration. Many invested heavily in his campaign. They lavished praise on the new president and have supported his every move — in order to benefit from his promised big tax cut.

But the chaos he’s unleashed on the world economy is causing many of them to go public with their worries.

“Obviously,” Jamie Dimon, JPMorgan Chase’s chief executive, said in a conference call with reporters, “the China stuff is significant. We don’t know the full effect.”

But we do know that global investors are fleeing Treasury bonds, which had been the safest place to put money in the world. That may not be the full effect, but it’s a huge and frightening one.