This morning’s jobs report was stronger than expected, which – combined with Amazon’s dramatic increase in its minimum wage to $15/hr — implies rising wages going forward.

The bond market reacted as you’d expect to the prospect of higher wage inflation, with the yield on 10-year Treasuries hitting its highest level in five years.




This is good news for long-suffering savers and retirees who can finally generate a decent return on their investments. But it’s potentially disastrous for the broader financial system, which is now so over-leveraged that interest rates returning to historically-normal levels pose a mortal threat.

To understand how this works, consider the federal government’s rapidly-rising debt…

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