There is no such thing as price in a bubble. By definition the price doesn't reflect the value that's why it is called a bubble. If you don't believe the bond markets are a bubble then join the establishment queue and line up for your negative yield. If you do believe the bond markets are a bubble then when they burst where is that money (that is not lost in their correction) going to go when prices try and normalise (ie reflect the real value or in this case the real sovereign RISK). Remember money is lost when markets crash because of those things you traders like to call gaps, I'd prefer to call it asymmetric liquidity. Can they go to equity markets that in theory need to be supported by earnings to justify prices. One would not think so as earnings are already falling.
Enter stage left that barbaric relic. Eshmun
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