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That chart is the first of Austria’s two century bonds. You know, lending money to the Republic of Austria at 2.1% for 100 years. No biggie. Everyone laughed. Would your grandchildren even see it mature? Tra-la-la.
Who’s laughing now? Spurred by its success, the Austrians issued a second century bond at 1.2% in June and traders didn’t even wait until the auction was over before they drove the yield down to 1.17%.
If you are buying government debt at 1.17% without any hope of seeing your principal returned