I thought this other Hamlet quote to be appropriate.
A while back I wrote a couple of posts on the negative yields for bonds in Europe. I won’t bother digging them up, but, as any idiot could see, this was going to lead to utter madness.
Well, the madness is here.
With NIRP raging in the Eurozone and over €1.5 trillion in European government bonds trading with negative yields, many were wondering when any of this perverted bond generosity will spill over to other debtors, not just Europe’s insolvent governments (who can only print negative interest debt because of the ECB’s backstop that it will buy any piece of garbage for sale in the doomed monetary union). In fact just earlier today we, rhetorically, asked a logical – in as much as nothing is logical in the new normal…
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