The Folly Of Central Bankers

The virtually unlimited level of credit creation by the major central banks over the past seven years has created conditions never seen before in the history of mankind. Yields on government bonds in many countries are now below zero, which we have never seen to this extent in history. In Europe, over $11 trillion worth of government bonds now yield less than zero. That means that the bond owner, in effect the lender, pays interest to the borrower.