BTW @Hoodat, this isn't personal with you, I'm just grumpy with all the unchecked insanity going around right now. I don't see how we avoid a major breakdown of society in the next few years.
I work in the financial services industry (30+ years) and you are correct. The point missed throughout is that if interest rates rise, then the debt service currently being financed by fiat currency and quasi-governmental bond purchases becomes untenable, and massive inflation would be one of the results - leading to far, far worse
And yes, Janet Yellen knows this. What you are hearing from her and other members of the institutional global elite are the opening chords of the "Great Reset".
They are just trying to make us think that it's all for the best.
It is not. Unless you like the idea of being a serf.