Bondholders worry about the value of bonds, especially if long maturities populate the portfolio. U.S. Treasury bonds, along with government bonds of the U.K. and Germany, are considered the safest bond investments in the world. 10-year maturity rates in these securities are at or near record lows. The U.S. 10-year bond pays about 3 percent. UK gilts and German bunds in the same maturity pay a little less. Paul Krugman, Nobel-winning economist of "The New York Times" announced the relatively good news about bonds last weekend. Concerns about deflation and a third depression, posted by Krugman at mid-year, were dispelled by the Federal Reserve Bank of San Francisco. Bond yields have declined for more than 30 years in a disinflation environment. Gratefully, the Fed says that's still the reason bond prices continue to rise in 2010. Clients in U.S. Treasury bonds remain in good hands. Invest in global debt with care.