The always informative Zero Hedge has noticed that new Japanese Prime Minister has removed any limit on the government selling debt, causing this reaction:

  " JPY weakness has resumed but it is the collapse in JGBs that will be worrying people - the biggest 5-day run-up in 10Y JGB yields in over 13 months."

That is an ominous development because the minute the cost of servicing the Japanese government's debt raises even a few percent, the entire debt load becomes impossible, and collapse occurs.  The same applies here in the United States.  If interest rates return to their historically normal range, all that debt that the current administration loaded onto the country - more than all prior presidents combined -  becomes simply un serviceable, and the economy implodes.  If the government can't sell any new debt, then we immediately contract by 40%, which is the amount of spending that the government is currently borrowing.  

Grim tidings indeed.