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If, ten years ago, I had told you that there were going to be negative yielding bonds you would have thought, "Poor Mark, he has lost his mind." Well, ten years ago I did not say it, and now we are all faced with a $10.475 trillion reality of bonds with negative yields. This has all been caused, of course, by the giant behemoths in the financial markets that are generally known as the central banks.
What the European Central Bank and the Japanese Central Bank and the Swiss Central Bank have done is bought