The cost of borrowing to invest or consume is reaching record levels. One benchmark for this is the real interest rate on government bonds globally. Governments are seen as the most safe borrowers, unlikely to default compared to companies or individuals. So creditors (or investors in bonds) are prepared to ask less interest return on government borrowing than they ask companies and households. Yet, even after taking into account inflation, government ten-year bond yields now have a global average of over 6%, something not seen since the late 1960s.