I think the decline in real interest rates is explained by the market's coordination toward systemic risk collusion: Now that we know that governments bail out

I think the decline in real interest rates is explained by the market's coordination toward systemic risk collusion: Now that we know that governments bail out inadequately hedged systemic risk, we might as well all play a new game in which we ignore those risks entirely. Perhaps in the past we under-hedged, but now we don't have to hedge at all.