yesterday's bad auction of US government bonds reminds me fatally of an event that happened here in Spain about half a year ago. we have the same problems here in Europe, if not much bigger ones, with government debt that nobody really wants to take on their balance sheet, which is why the ECB has basically been the only main buyer of this garbage for over 10 years. half a year ago, the Spanish government called on people to buy government bonds via newspaper advertisements and the older generation queued up in front of the banks to buy this garbage. probably as a toxic legacy for the grandchildren