Global markets have also gotten a boost from the so-called carry trade, in which investors borrowed cheaply in Japan to invest elsewhere.

"It means the city can borrow a little more cheaply and does not have to pay quite as high interest rates," he said.

It's a tremendous advantage to be able to borrow cheaply, at about 9 percent, and earn more than double that amount in returns.

Not only Argentina delights in borrowing cheaply.

And it has its costs: When countries can borrow cheaply, they are less likely to reform their economies.

Some of the money also comes from foreign investors, who borrow cheaply in Japan to invest in real estate and other markets abroad.

Worse, even countries such as Germany, which can borrow cheaply, are also cutting public spending.

That allowed Americans to borrow cheaply and fill their shopping bags with yet another load of well-priced goods imported from Asia.

Corporations with good credit ratings were already able to borrow cheaply with bonds, but those that couldn't had to borrow from banks at higher costs.

It will allow companies to borrow cheaply and fairly easily as their debt is backed by a US guarantee.