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The mainstream narrative says the world is fleeing U.S. debt. The data say something entirely different. 30-year yields have risen across every major developed sovereign issuer, and the U.S. is not even close to the worst performer. Japan, Germany, France, the UK, and Italy have all seen long-end borrowing costs soar. This is not a uniquely American “loss of confidence” story. This is repricing of sovereign risk after years of debt expansion, a monetary tsunami, and rising refinancing needs. OECD sovereign borrowing is projected to reach about $18 trillion in 2026, with refinancing alone near $14 trillion. There is no global flight from U.S. debt. There is a global repricing of sovereign solvency risk. Data for image: Trading Economics, FRED, Bloomberg