If you own bonds, you’re going to have a hard time in the next year. The peak was made in the bond market weeks ago. Now you’re going the other way, and it could be years of a bear market in bonds.
Can the country survive with a 5% yield on the 10-year note? Of course it can. But it will be bad for the bond market. Of course, there are ETFs that will take care of that fact if you want, with the inverse products like the TBT.