Suddenly, global credit markets are looking, shall we say, a tad unsettled...
I wonder if we're (finally) beginning to see bond markets pricing in the post-financial-crisis orgy of fiscal recklessness (not to mention the tsunami of refinancing-related supply)?
If so, that's not going to be very good for the public finances of countries that decided high debt levels don't really matter, is it?
Oops.
Michael J. Panzner
