The bond market is telling us the free lunch is over

For most of this century, rich countries have enjoyed a seemingly free lunch: They could spend money as needed, cut taxes at will and stimulate their way out of problems without paying a price in the form of higher borrowing costs or inflation.The big picture: That era is over. The $145 trillion global bond market is flashing red signals that there's now a price to be paid for governments that indulge their profligate impulses.It reflects a world where supply disruptions are colliding with massi...