America's biggest bank just told investors that the easy-money era isn't coming back, and everyday Americans are already feeling the pressure. That combination raises an uncomfortable question about a choice most of the country didn't make a decade ago. Two of those forces, in particular, are colliding to push borrowing costs higher for years to come. "A global breakdown in fiscal discipline is occurring in all corners of the world, and fiscal dominance is eclipsing monetary policy," the JPMorgan team wrote, noting that global public debt has reached $100 trillion. In plain terms, the two things that kept borrowing cheap for three decades, favorable demographics and government fiscal restraint, are both reversing.