The most dangerous bubble of all

The word 'bubble' gets bandied about a lot. Many people get hot under the collar arguing over whether something is in a bubble or not. But, just as in heated inflation-deflation debates, few take the trouble to agree on a definition first. I've always rather liked my definition. 'A bubble is a bull market in which you don't have a position'. There's nothing so frustrating as seeing someone of undoubtedly inferior intelligence earn fortunes while you're sat on the sidelines. So you declare his market a bubble. But I doubt my definition will ever make it into the conventional lexicon, so we'll have to agree on an alternative in today's Money Morning, as we consider whether the government bond market is in a bubble or not…