The Opposite Of A Sovereign Debt Crisis Is Happening This Morning

From Dave Lutz at Stifel, Nicolaus comes this nugget:

Japanese, France, Belgium, Netherlands and Austria 10-yr bond yields hit fresh record lows.

Meanwhile, the German 10-year yield is down to 1.23%.

For all the talk about government debt, the real story is that the world is having a hard time rotating out of it, and are still flocking to it at any hint of market trouble.

Bigger picture: It's a risk off day day in Europe and Asia and for US futures.