There is now an extraordinary $12 Trillion of negative-yielding government debt, $1TR of which was added last month alone. “Investors / lenders” now pay for the privilege of loaning governments,’ and mainly bankrupt governments at that, money across the yield curve out to 50-years duration, with the only certainty being that if held to maturity they receive a guaranteed loss. History will surely place this period as an additional chapter within Charles Mackay's 1841 classic "Extraordinary Popular Delusions and the Madness of Crowds."
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