...The yield on US 10-year Treasury paper is up almost 100 basis points since last September. Meanwhile, the government continues to borrow money and roll over its existing debt. But now it has to do so at ever-higher interest rates, which means it has to pay more interest, which means its deficits are rising, which means it has to borrow even more money at higher interest rates... and so on until this "interest rate death spiral" becomes fatal. It would already be fatal, if not for the Federal Reserve's willingness to buy Treasury bonds at extremely favorable prices (i.e., very...