Hope Triumphs Over Experience -- Yet Again!

A few weeks of falling stock prices have led the world's central banks to respond in their usual way, with lower interest rates and easier money -- in other words with the same policies that failed to prevent the ongoing slide into deflationary recession. The result: Over $5 trillion of bonds worldwide now trade with negative yields (meaning they charge their owners instead of paying them interest), by far the most ever. Anyone who thinks this will return the economy to "normal" hasn't been paying attention.