A string of governments around the world are ramping up their bond issuance. For instance, the UK debt management office is planning to attract £118 billion ($183 billion) in fresh investment in 2009. This is a scheme it has been running for years. The DMO promises a safe and steady return – since 1900, the average annual yield on the 2½% Consolidated Stock has come in at 5.8% – and the UK government then promises to invest the money.
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