Where do I put my honey ?
The global supply of "safe" assets has shrunk and low yields on goverment bonds continue. Savers are willing to accept low returns and very little insurance against inflation or default risk. The danger is that this situation offers little incentive for governments to put in place the kind of medium-term fiscal discipline needed to keep those assets safe.
An economics focus article by John O'Sullivan.
for: The Economist, London.