Is the Bond Bubble, according to Greg Mannarino, but also Jim Willie and others - it's a false 'flight-to-safety' brought about by all other assets losing value, so that people are forced into thinking that the last bastion of safety is the Government, and that they can trust their Governments. They can't. They're crooks. Greg spells it out here:
NB Interesting to note that even Greg has started to hint that maybe all of this is deliberate! Non, c'est pas possible!