For decades we were warned that someday our politicians would push things too far.  We were warned that someday our national debt would spiral out of control, servicing that debt would become extremely oppressive due to soaring interest rates, existing bonds would crash thanks to the shift in interest rates, and foreign sources would start stepping back from buying any new debt that we would be issuing.  Unfortunately, that time has arrived.  The government debt crisis that we have been warned about is here, and it is going to be incredibly painful.

At this moment, our national debt is sitting at $33,836,693,993,860.35.

It is probably going to hit 34 trillion dollars by the end of the year.

To put this into perspective, when Barack Obama first entered the White House we were about 10 trillion dollars in debt.

We are literally committing national suicide, but for a long time most Americans didn't really care because we were not experiencing any serious consequences.

But now the party is ending.

Thanks to rapidly rising interest rates, U.S. Treasury bonds "are in a bear market worse than the dot-com bust and almost as bad as 2008"…

Elementary economic forces — too much supply and not enough demand — have collided to create the worst stretch for U.S. government bonds since the Civil War. The government keeps borrowing to cover its budget deficits, while once-reliable buyers of that debt, both at home and abroad, have pulled back.

The result: Investors are demanding the steepest yields since 2007. Auctions of fresh bonds that were once routine are now going terribly. And bond portfolios are getting absolutely hammered. The longest-dated Treasury bonds are in a bear market worse than the dot-com bust and almost as bad as 2008.