Remember when the U.S. was supposed to face a fiscal crisis within two year's time? That was a year and a half ago. Well, markets apparently haven't gotten the memo. Borrowing costs are at an all-time low. As in, they have never been lower going back to 1790. 

And this isn't a story about reserve currency status, either. Every advanced country that can print its own money -- and even some that can't -- have seen their bond yields fall to levels that would have been mostly unthinkable over the past century. The chart below, from Global Financial Data (via Barry Ritholtz), shows the borrowing costs for the U.S. (red), Spain (purple), Switzerland (pink), France (light blue), and Japan (orange) since 1900.