by Simon Black
This morning as I glanced at the headlines, I had to sit back and wonder– when did the world get so crazy?
Interest rates across the West are at zero or negative.
Bankrupt governments are selling 100-year bonds with tiny interest rates, while others have convinced investors to pay for the privilege of loaning them money.
What really gets me is that people aren’t laughing. Serious investors are buying up the $10+ trillion worth of negative-yielding debt issued by bankrupt governments as fast as they can.