Bond market price discovery has been destroyed by the world’s central banks. But phony, sub-economic interest rates on sovereign debt are a monumental danger: They invite politicians to spend, borrow and kick the fiscal can indefinitely. The Dutch are more fiscally responsible than most governments of Europe, but even they have not earned their present rock-bottom rates. They are a poisonous gift of Keynesian central bankers.
The Great Deformation Of Central Banking: Debt Burdens Have Never Been Higher; 500 Years Of Dutch Interest Rates Have Never Been Lower