As government debt soars, you have to pinch yourself to remember that only 10 years ago investors worried that western government bond markets were shrinking so fast that they might disappear. The US wondered if it should retire the 30-year bond. There was even talk that triple A rated corporate bonds would eventually replace Treasuries as global debt benchmarks. Indeed, in 2000 net global issuance of government debt was a mere $250bn. This year alone the UK will issue a third more than that; eurozone governments almost six times as much.
随着政府债务激增,你得掐一下自己才会记起:就在10年前,投资者还担心西方政府债券市场萎缩得太快,有可能会荡然无存。美国曾考虑是否应取消30年期国债。甚至曾有传言称,AAA级公司债最终将取代美国国债成为manbetx app苹果 债务基准。事实上,2000年manbetx app苹果 政府债务净发行额只有2500亿美元。而仅在今年,英国的发行额就将比这多出三分之一;欧元区政府的发行额几乎是它的6倍。