Obviously not “every investor” does hold Treasury bills, not even in the US. And if you don't like the Mexican bond example [1], let’s say it’s for the same re

Obviously not “every investor” does hold Treasury bills, not even in the US. And if you don't like the Mexican bond example [1], let’s say it’s for the same reason that Joe from Baltimore was not interested in buying Australian government bills a few years ago (when they were yielding 2% more than US treasury bills). Note that the rating for the Australian debt is better than for the US... [1] it’s true that a comparison of 3m bills (8% yield in Mexico vs 2% in the US) would be more appropriate.