The Safety Dance and Negative Yields

How scared are investors today when dealing with bonds?  Take a look at the following excerpt from the Bundesbank's 1/9 6 month bill release:



Full release here (http://www.bundesbank.de/download/presse/pressenotizen/2012/20120109.tenderergebnis.en.pdf).

Well, fear is great enough to justify paying Germany for the safety of your money for six months.  This is the first time that Germany has auctioned discount paper at a premium (not the first time discount paper has traded at a premium).  But everything is getting better in Europe, right?