BrianGarst.com

That according to the New York Times, anyway.

You see, bond traders who make sound market decisions based on government policy are apparently “pressuring” governments not to spend recklessly, much in the same way that stock traders “pressure” companies not to piss money down the toilet.  In the eyes of the New York Times, this is somehow nefarious.

The bond vigilantes are back.

But this time they are roaming mostly through Europe rather than the United States — at least for now. Their mission: to force governments to cut budget deficits that have ballooned in the wake of the financial crisis.

…Although the left-leaning governments in both countries are struggling to show investors that they have a workable plan to reduce deficits — which now average around 13 percent of gross domestic product — bond traders are increasingly demanding higher interest rates to reflect the rising risks.

No! How dare these “vigilantes” go around “roaming” the streets, just looking for good leftist governments to beat up on!?