Central Bankers Gone Berserk: Now Even Junk Bonds Have Negative Yields

During the roughly quarter-century that the Bretton Woods system was in place, banking crises were almost nonexistent. Recessions were rare. And global debt fell from nearly 150% of GDP at the end of World War II, to roughly 30% by the early 1970s.

Then it all came to a screeching halt in 1971.