1994 bond market crisis

The idea was that politicians can't mess with the bond market, and that when politicians get out of line, the bond market reminds them of the need for fiscal responsibility.

In the UK, Liz Truss' proposed mini budget was quickly abandoned a few years ago when the bond market reacted badly to its announcement, and in the early '90s, the 10-year bond yield rose from 5% to over 8% in what was known as the Great Bond Massacre over concerns about federal spending.

Clinton political advisor James Carville remarked at the time that he would like to come back as the bond market, as you can then intimidate everybody.

Robert Armstrong made a very good point in his Unhedged newsletter a few weeks ago about Trump's plan to onshore manufacturing, where if a big chunk of human financial and physical capital is to be deployed in manufacturing and exports, they have to be redeployed away from what they're currently doing, and it's very possible that redeploying to manufacturing and exports will make that capital less productive.