Under the Mattresses

For the first time since the early ’40s:

In the market equivalent of shoveling cash under the mattress, hordes of buyers were so eager on Tuesday to park money in the world’s safest investment, United States government debt, that they agreed to accept a zero percent rate of return.

When the government can borrow money without paying interest, it’s much easier to start financing public works programs, energy initiatives, and even a massive stimulus package.

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