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Sovereign debt Ponzi

FT Alphaville posted a chart detailing the issuance of AAA rated bonds (unfortunately it ends in 2009, not 2011).  I’m just trying to do my part; getting it in front of 4 more eyes.  It is profoundly disturbing:

Does anyone really think all that sovereign debt is truly “risk free”??  And yet, it’s being held in money market accounts and wherever else as a “risk free” asset.  Oh dear.  This will not end well.  I mean, does a future financial crisis get any more definite than that?

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