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If someone had told me during my long career on Wall Street that one day there would be negative yielding bonds I would have thought that person "Nuts!" It made no empirical sense then, and it makes no empirical sense now. Yet, we have them, about $13.4 trillion of them, and they are likely to grow in size, as soon as Ms. Lagarde takes over the helm at the European Central Bank. There is a reason that these bonds exist, and one reason only, and