Why Does Chamath Palihapitiya Say France's Bond Market Is Forcing Austerity?

Chamath Palihapitiya says the scenes in France are the bond market saying no. Politicians have to answer to the people who fund the government, and forty-three billion euros of austerity then brings the local population out. Chamath expects the pressure to spill into the UK next, because Andy Burnham's platform would move a centrist economy closer to the socialist leanings of France.

Chamath calls the force behind the move the bond vigilantes. The bond vigilantes are the large pools of money, the central banks, and the huge macro funds that sit where the price of risk is set. Chamath says the bond vigilantes are converging on Friedberg's view.