Negative-Yielding Debt in Bloomberg Index
New Records
Highlights from Jim Bianco at Bianco Research.
Key Points
- Negative debt topped $15 Trillion today on Monday, up over $1 Trillion in two business days.
- Negative debt is now 27% of all developed country sovereign debt, a new record.
- Negative debt now 44% of of all developed countries excluding US sovereign debt.
Excluding US
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