The rubbish you’re hearing about long-term interest rates

They aren’t being driven by budget deficits

Friends,

Maybe being bedridden for a few days has made me grouchier than usual, but I’m royally pissed off. I’ve spent decades fighting right-wing economists. Yet, like zombies, they and their ideas keep coming back from the dead.

Here’s the latest example.

A surge in long-term interest rates is causing tremors on Wall Street. The yield on the 10-year Tr…