I agree completely. I think the greatest value proposition of non-government money (e.g. gold, bitcoin) — at least in the long run — is the ability to escape fr

I agree completely. I think the greatest value proposition of non-government money (e.g. gold, bitcoin) — at least in the long run — is the ability to escape from zero/negative interest rates. I also agree that the different between EUR and USD bond yields seems to indicate that there exists no reliable way to arbitrage the spread in bond yields between different currencies (or, at least, that there exists a certain spread beneath which it's not profitable).