Shouldn't be any need to introduce Malkiel...
From Dec 7 WSJ:
The Bond Buyer's Dilemma
The yields on long-term US Treasury bonds will likely fall below inflation for years. Fortunately, some reasonable alternatives strategies exist for investors.
--snip--
A few bits and pieces from the opinion piece:
Are we in an era now when many bondholders are likely to experience very unsatisfactory investment results? I think the answer is "yes" for many types of bonds -- and that this will remain true for some time to come. ... Artificially low interest rates are a subtle form of debt restructuring and represent a kind of invisible taxation. Today, the 10-year US Treasury bond yields 2% ...
He then goes on to suggest a few alternatives to Treasury bonds: (a) munis (b) foreign bonds in countries that have better fiscal balances (ie. Australia) (c) blue-chip stocks with high dividend yields (ie. AT&T)