HIGH INTEREST RATES ARE STARTING TO BREAK GOVERNMENTS. For years, the global economy was built around cheap money. Governments borrowed aggressively. Companies borrowed aggressively. Consumers borrowed aggressively. Now interest rates are staying high, and the cost of carrying all that debt is starting to explode. This is becoming one of the biggest macro risks in the world right now. The US alone is now paying around $1 TRILLION per year just on interest payments for its national debt. Interest payments are now larger than US defense spending, Medicare, and almost every major federal spending category except Social Security. And the problem is getting worse very quickly. The US government now needs to refinance trillions of dollars of old debt that was issued when interest rates were near zero. Around $9 TRILLION of US debt needs refinancing over the next 12 months alone. But today, new debt is being issued at much higher yields. That means every new round of borrowing becomes far more expensive than before. And this is not just an American problem. Governments across the world are now facing the same pressure: Higher refinancing costs. Larger deficits. Slower growth. Weak tax revenues. Rising interest expenses. Japan is now dealing with bond yields at levels not seen in decades after years of ultra-low rates. Its 10Y government bond yield recently hit a 29-year high. The UK bond market has also surged to levels last seen in the late 1990s. Several European economies are already under growing fiscal pressure from weak growth and rising debt costs. At the same time, central banks are trapped. If they keep rates high, debt pressure gets worse, borrowing slows, and growth weakens further. But if they cut rates too early, inflation risks returning, especially with oil prices rising again and supply chains facing new pressure. This is why bond markets have become so important again. Governments now depend heavily on stable borrowing costs to keep the system functioning smoothly. $BTC