For nearly two decades, governments borrowed cheaply while markets looked away from the arithmetic of accumulating debt — but that era of forgiveness appears to be closing. US Treasury Secretary Scott Bessent's effort to calm rising bond yields through aggressive buybacks has instead been met with a market verdict: no intervention can substitute for fiscal credibility. With 10-year yields reaching their highest point since 2007 and American debt now exceeding the size of the entire US economy, the bond market is reasserting a discipline that politics has long deferred. What is unfolding is les