Bondholders would lose more than $1 trillion if yields spike - BIS

I have always stated and agree with the current BIS thesis that debts do matter.  It's constructive that the BIS is finally coming around to that conclusion.  But what's more significant is the relationships of the powers-that-be are starting to fray at the edges.  The Bank for International Settlements is the central bank of central banks, so this showdown of austerity vs. growth will no doubt intensify.  My bet is on the "pro-growth" sycophants winning, because governments will choose the politically expedient path of more debt and more spending.

http://uk.reuters.com/article/2013/06/23/uk-economy-global-bis-idUKBRE95M08020130623