High bond yields challenge "Pax Americana"

U.S. President Joe Biden walks to board Air Force One enroute to Lewiston, Maine, to pay respects to the mass shooting victims and meet with front line responders, at Joint Base Andrews, Maryland, U.S., November 3, 2023. REUTERS/Kevin Lamarque Acquire Licensing Rights LONDON, Nov 6 (Reuters Breakingviews) – There are many reasons for dysfunction in the American political system. There are also many reasons why "Pax Americana" - the period of U.S. dominance since World War Two – is under stress. But the end of the era of free money is a new toxic ingredient in the witches’ cauldron that…