The problem with rising interest rates in the future, is that today they can hardly rise interest rates, without shooting themselves right in the head - with current levels of debt across the whole economy, much higher than back in the 80-ties, even rising interest rates slightly, would double- triple- or multiply (depending on the target interest rates) the cost of servicing National Debt (and all others debts, for that matter, corporate and private as well) - but government(s) are "just" able to service them today, in the near-zero interest rates environment. So it is not really an option, because so what, that interest rates would rise, if most of the debts would become instantly unpayable, for that reason?
It really is a death trap of debt, that we are now in (globally), and it is a simple consequence of monetary system, that is creating nearly ALL of it's money as a debt (or some kind of liability). So there's NO WAY of even servicing the debt, other than creating some more other liabilities - and by design so. Let alone paying it up!. Ponzi scheme in cleanest form, and tinkering around the corners with interest rates will not help here - rebuilding it from ground up would be required (and BTW, this rebuild will NOT happen for a looong time, too much vested interest in keeping it the way it is, and too little sheeple understand about it. That's hundreds of billions of dollars EVERY YEAR on interest payments on US National Debt ALONE)
Therefore the single & ONLY thing TPTB can possibly do, without breaking the whole thing apart, is to suppress the interest rates as much as they can, for as long as they can (re: Japan scenario). Remember, we need new money entering the economy, to grow the economy. That is pretty obvious, you cannot grow the economy without having more money in it. Now, the ONLY way for new money to enter the economy, is when somebody is WILLING to take on some more debt!
In my humble opinion, this is the simple most crucial error Keynesians are making - they assume, that since in their textbooks money=debt, and debt=money, than people will be always WILLING to take on more & more debt (money). And here's where models clash with mentality, psychology and sociology, I suppose
. In which case, math will always loose, despite being "correct", theoretically.
TL;DR version: suppressing interest rates and printing more money is the only acceptable way for governments at large, and it will not change quick, if ever, until the whole thing grinds to a stop.