This Tweet by Holger Zschaepitz, author of 'Schulden ohne Sühne?' a book on states' addictiveness to debt caught my eye.

Zschaepitz's Tweet inspired my lead chart.

The chart shows Germany's negative-yield bond market is inverted in 19 places.

The longer you borrow, the more money you collect because the ECB pays you to borrow.

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On the 3-year bond, the ECB pays you 0.667% per year to borrow. If you borrow money for 3 months you collect an annualized 0.514% for borrowing.

Central Bank Sponsored Madness

Getting paid to borrow money, could not possibly happen in a free market.

Yet, it's now so extreme, the longer the borrow, the more you get paid.

This perversion is best viewed as central bank sponsored madness.

Mike "Mish" Shedlock

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