This article might seem alarmist, but I actually liked how they broke it down in a more nuanced manner than the typical "bonds are all blowing up" narrative you see here. Specifically, they are very clear about the different risks across different countries and mostly downplay the risks in the USA while countries like France and Italy are far more alarming. I agree with this framing. Some of you might remember from the 2012 Eurozone debt crisis that Europe's sovereign debt market structure is analogous to the USA's state system. States can go bankrupt in the USA if the federal govt allows it and Europe's sovereigns don't have their own central bank to fall back on (the ECB is functionally a foreign political entity). So political will to allow massive spending in countries like France and Italy is a constant risk. TLDR: Debt risks in the USA are exaggerated. Debt risks in places like France and Italy are very real.