The Bond Market Strikes Back: New Limits on Sovereign Power?
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Every government runs on borrowed money. Roads, pensions, armies, and alliance commitments are all paid for by selling bonds to investors at home and abroad. For two decades, low interest rates and central bank support kept that relationship in the background. Now borrowing costs in the United States, the United Kingdom, Japan, and France have climbed to levels not seen in decades, and public debt across advanced economies is at historic highs. Lenders are once again shaping what governments can afford, from defense budgets and NATO spending pledges to industrial…
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