|Every few months we're told that the bond vigilantes have arrived, and we must impose austerity now now now to appease them. Three months ago, a slight uptick in long-term interest rates was greeted with near hysteria: 'Debt Fears Send Rates Up,' was the headline at The Wall Street Journal, although there was no actual evidence of such fears, and Alan Greenspan pronounced the rise a 'canary in the mine.'
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.
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