Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt back to MacroVoices. Erik and Lacy ask if the bond bear market has really started and what are the opposing views? They further discuss shorting high yield debt, junk credit and ask where to be on the yield curve right now. They then move on to discuss the bigger picture as to whether America ever be able to repay the debt and where is the point of no return.