This is What Happens as Societies Become Wealthier

The negative interest rate stuff is entering silly town.
This week it was reported a bank in Denmark will be offering negative interest rate mortgages. The bank is paying people to borrow money for a house based on the idea that they are willing to take tiny losses now to avoid potentially bigger losses down the road.
This is bananas but it’s probably not the end of it.
Joachim Fels from PIMCO wrote a piece last wee…

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