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​Negative-Yielding Debt in Bloomberg Index

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New Records

Highlights from Jim Bianco at Bianco Research.

Key Points

  1. Negative debt topped $15 Trillion today on Monday, up over $1 Trillion in two business days.
  2. Negative debt is now 27% of all developed country sovereign debt, a new record.
  3. Negative debt now 44% of of all developed countries excluding US sovereign debt.

Excluding US

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Negative Yield Bond Matrix

Swiss 100-Year Bond

Germany

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Logically Impossible

Negative debt implies a negative time preference. In the real world, that cannot happen.

In easy to understand terms, negative time preference means someone would rather have 90 cents ten years from now than a dollar today.

Such a construct is only possible with massive central bank intervention.

Anger

In regards to the above Tweet, please see US Treasury Declares China a Currency Manipulator Under Orders From Trump

Mike "Mish" Shedlock