$15 Trillion Of Financial Lunacy—-The Subzero Bond Mania

As the chart indicates, a trillion isn’t what it used to be, since lately another trillion in negative-yielding debt seems to be added to the pile every other week. Falling inflation expectations, the widely expected resumption of “QE” by major central banks (chiefly the ECB), speculative buying and regulations enforcing financial repression have all combined to drive “investors” (we use the term loosely in this case) over the cliff into the realm of utter madness.