Dot-com bubble? This feels bigger.

Japan just watched over ¥12 trillion vanish in a single trading session as bond yields exploded to record highs, cracking the foundation of the ultra-cheap money era that kept global markets levitating for years.

The scary part isn’t the selloff itself — it’s what sits underneath it. Massive leverage. Carry trades. Debt built on the assumption rates would stay near zero forever.

If this spiral accelerates, liquidity disappears fast. Stocks bleed, crypto gets dragged, and risk markets everywhere feel the shockwave.

People laughed at the idea of a global debt bubble for years.

Now the bond market is starting to ask for payment.