from Zero Hedge
With over $13 trillion in global bond yields trading in negative territory as a result of central banks’ negative rates policies, leading bank profits to tumble and forcing savers in both Japan and now Germany to pull their money out banks and put into safe deposit boxes in their homes, there is little doubt that NIRP has been a failure: even such establishment financial outlets as the WSJ admit as much. Which is why when listening to today’s Stanley Fischer interview on Bloomberg TV with Tom Keene, one particular section caught our attention, namely the Fed Vice Chairman’s atetmpt to justify negative rates and how, despite all the evidence to the contrary, “negative rates seem to work in today’s world.”