Bonds in the financial turmoil

People used to snicker at Japan’s government bonds when they were offering yields of 0.001% or so during their worst years of deflation and economic contraction.
It’s happening in the U.S. now, too, even negative yields on short-term Treasury bills. You can pay the government to hold your money. At least that’s a good way to finance the trillions of dollars in government bailouts and deposit guarantees.