Those of you who have studied the Great Depression will recognize the term "Begger Thy Neighbor". So after Germany did this, you have to ask yourself: why? Did they do it because they think the dollar will rise in value, and thus have to pay more for in the future? Or do they think the dollar will fall in value, and then they can pay less?

(Bloomberg) -- Germany sold $4 billion of bonds in its first dollar-denominated offering since 2005, according to a person familiar with the transaction.
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“There’s a lot of demand for it,” said David Keeble, head of fixed-income strategy in London at Calyon, the investment banking arm of Credit Agricole SA. “It seems to be cheaper for Germany to issue in dollars at these yield levels.”