"I want to come back as the bond market. You can intimidate everybody." --- James Carville (with the mandatory AI angle, of course)

This is a big story, certainly bigger than you might have guessed from the coverage. Smart commentators like Patrick Boyle and the Financial Times have been ringing the alarm bell on the state of debt, particularly involving the unregulated Wild West of private credit, for a while now. It is one of those stories where the implications can genuinely keep you up at night. Bond markets are getting…