It may as well be, the world market is buying US bonds at a -0.01% yield. That is, they are paying 1$ for a guaranteed .99 at a later date.

Amazing.

“That sucking sound is all the world’s capital going into the U.S. Treasury market,” Mr. Yardeni said, “which means the Treasury and the Fed can tap into that liquidity pool to finance TARP and offer mortgages at 4.5 percent.”

While that may offset some of the expense of the bailouts, economists say the fact that the United States must borrow so much to prop up large parts of the economy is a big cause for concern.

I’ve been saying this for months. Perhaps I need to charge for my investment advice.