"Pain and suffering are a kind of currency passed from hand to hand until they reach someone who receives them but does not pass them on."

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Treasurys, as low as yields are, are higher than they are in most other developed countries. A foreign investor picks up a yield spread in Treasurys versus their own sovereigns, plus the fact that if the dollar is going to continue rallying - and I think it will because it's a safe haven - then they get a currency translation gain as well.

— Gary Shilling