And they would have lost a record increase in U.S. assets across the board, including the US dollar, which should have gone down if the problem was money printing.

It’s rare to have such a clearly evident case of cause and effect. We know why yields are going up. Because investors don’t believe the U.S. government can control their budget deficits.

The recent rising yields have little to do with money printing from 4-5 years ago.