An Argentine trader, who years ago headed a leading North American bank, defined in one word what is happening in the world bond market: "massacre".
The term is not an understatement when one looks at what is happening with England's debt, which went from yielding 2.75% a month ago to 5% per annum yesterday with a 50% drop in price.
Argentina's domestic problems cause little attention to be paid to the world market, but these are clearly historical days and refer to past financial crises.
In the United States, bonds went from yielding 3% to 3.85 . . .
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