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<There is seriously powerful stimuli being pumped into the system in the form of increasing national debt and "accomodative" monetary policy.

Our big problem is very little of this [your previously-described risks] is being priced into the debt market. >

Very good analysis, Jack.

I think that your final sentences, above, are actually cause and effect. The huge liquidity is causing high prices for debt instruments. The stretch for yield is causing investors to accept lower risk premiums.

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