Banks spin money around something like 30 times according to John Mauldin's weekly newsletter. Playing the carry trade game is potentially highly profitable, buy/borrow at perhaps 2% to sell/lend at 5% = 3% spread. Scaled 30x !!!!
Problem - the 5%'ers can't afford to service those debts and (in the case of Greece) could walk and default. Nobody wants to lend at anything other than near 0% rates. Printing money has made money tighter to get hold of. They're mostly printing to buy their own existing debts and re-lend where possible to as near 0% yields as possible. It could be quite a while before we see yields rise.
The high yields of the late 70's/early 80's were an exception, not a rule. 1871 to 1969 10 year yields averaged 3.6%, min just under 2% and standard deviation 0.95% (at least according to Shiller's data http://www.econ.yale.edu/~shiller/data/chapt26.xls )
The counter direction price swings in LTT's compared to stocks makes them a good diversifier, especially when you're looking to capture volatility. Even now its worth holding some, perhaps via a LD-AIM with a single sell actual, mostly virtual and a small amount of cash reserves so that you don't buy too much too quickly if/when yields do rise. Matched with a stock LD-AIM you might see one of those AIM's selling as the other is buying and visa-versa.
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