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Nick Clegg's Self-Criticism Struggle Session

Yes, the Future of the Global Economy Is Worse than I Had Imagined. Why Do You Ask?

Joe Weisenthal:

Sovereign Bond Yields Falling All Over The Place: Here's The REAL Story Of What's Happening To Government Bond Markets Around The World: Yields are shooting higher in Spain and Italy this morning, but actually that obscures the truth about what's going on in the government bond department. The fact of the matter is that yields are plunging left and right.

  • The yield on the US 10-year bond has just fallen below 1.7%. UPDATE: the yield has just hit 1.6713%, a brand new record low.
  • In Germany, the 10-year has fallen to a new record of 1.33%.
  • UK borrowing costs have hit a record low of 1.73%.
  • In Finland, the yield on the 10-year is 1.624%. You guessed it, that's a record low.
  • Sweden: The 10-year yields 1.405%. Same deal.
  • In Australia, the 10-year has dropped close to a record low of 3.061%.
  • Canadian 10-year yields at 1.87% are close to a record low.
  • Japan's 10-year: 0.85%.
  • Swiss 10-year: 0.59%.

Get the point?

All around the world, people are clamoring for the safety of government debt...