So a few billion wouldn't do anything for the economy, except that it's so much money that it would make the invisible bond vigilantes slit our throats.

The bond vigilantes have not yet woken up in the U.S. in the way they have in the euro zone.

If we don't, the "bond vigilantes" will call time - don't doubt it.

But keep your eye on Wall Street, where the so-called "bond vigilantes" could well determine what ultimately happens to spending and taxation.

It is only a matter of time before the bond vigilantes turn their attention to the UK.

Even more so, Mr. Kral says, today's Treasury bond yields reflect the fact that the investors known as the bond vigilantes are no longer around.

A bond vigilante is a bond market investor who protests monetary or fiscal policies they consider inflationary by selling bonds, thus increasing yields.

That would dismay bond vigilantes and drive up interest rates, inviting recession to stick around another year, harming those most needing help.

Cue the ratings agencies followed by the bond vigilantes...

At the same time, I expect the bond vigilantes to shift their sights from sovereign deficits to growth prospects.