Right now, the 10 year is trading a little over 2%.
In other words, the bond market is not worried about a default in any way, shape or form.
Put another way, the bond market is saying, HERE'S SOME MONEY. NO REALLY -- HERE'S SOME MONEY. WE REALLY DON'T WANT TO CHARGE YOU THAT MUCH TO TAKE IT -- JUST TAKE IT. IN FACT, WE'RE LITERALLY GIVING IT AWAY.
For God's sake -- the yield is negative when you take inflation into account.
It's not like we couldn't do something constructive with it.