Writing in late 2009, a columnist in the Wall Street Journal argued, "The current yield on 30-year Treasuries is about 4.4%, and on 10- year bonds it's about 3.4%. Anyone lending their money for that length of time on those kinds of terms is taking a big risk."
Is the biggest risk of holding long-term Treasury bonds at low interest rates the risk that the Treasury will default? Or is there another type of risk that investors should be more worried about?