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Negative Interest Rates: The Next Phase of the Global Economic Crisis

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More than $2 trillion worth of bonds are now trading at negative interest rates. That means the owners of that wealth are reconciled to making a loss. They are willing to buy a bond with a small negative yield, locking in a small loss, because they are afraid that any other investment they could make would generate an even larger loss.

This situation is unprecedented. Even during the Great Depression yields remained positive. The new Macro Watch video, uploaded today, explains how this crisis of negative interest rates came about.

Negative interest rates tell us:

1. The Global Economic Crisis has entered a new and dangerous phase;
2. Monetary policy is nearing exhaustion; and
3. A great deal of wealth is very likely to be destroyed during the years immediately ahead.

If you want to know what comes next, it’s necessary to understand how past mistakes brought us to the present crisis.

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One comment

  1. Why have Us 10 yr bond yield remained high vs other developed countries especially with a strong dollar. I would think the world would be flocking into 10 yr Treasury to get yield and currency gains?

    Also can stocks decline with negative yields on bonds?

    John M

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