Across the world's major economies, the cost of borrowing money is rising to heights unseen in over a decade — driven by governments issuing debt at historic scale, an oil-price shock reigniting inflation fears, and a growing conviction that central banks will keep rates elevated far longer than once hoped. From Berlin to Tokyo to Washington, this convergence is not a passing tremor but a structural shift in the price of capital itself. Governments, companies, and households are each beginning to feel the weight of a world where money is no longer cheap, and the burden will not fall equally on