Before deriving pleasure from France’s present economic and political turmoil, President Donald Trump might want to consider that France’s current bond market crisis could have serious adverse spillover effects for the U.S. economy. This is not least because France is Europe’s second-largest economy and has a $4 trillion public debt, some eight times the size of that of Greece.

It must also be of concern that, like France, the United States has unsustainable public finances and lacks the political will to address its chronic budget deficit. Those factors have already had the effect of driving up U.S. long-term Treasury bond yields to their highest level in the past 20 years.

Recommended Stories

Eurozone crisis saves Germany tens of billions

Are fiscal folly and money mischief our new normal?

Yield on benchmark 10-year Treasury hits 5% for first time since 2007, raising debt fears