彼得布德瓦（Peter Boockvar）在投資網站布德報告（The Boock Report）說道：「利率正常化之時，將是經濟衰退之日。若你不如此認為，是癡心妄想。」
The graph here shows that the average yield of a European junk bond is now below the benchmark 10-year Treasury yield. Vow!!!
The Fed, ECB and BoJ now own one-third of the global bond market, which they bought using the tens of trillions of dollars, yen and euros printed by their Central Banks out of thin air. Global quantitative easing and central bank buying has driven yields to 5,000-year lows, even negative in many places. At 1% interest, it takes 100 years for you to recover the capital you lend out. When lending rates are negative, the payback period is infinity, or you’ll never get your money back.
Super Mario Draghi, the president of the European Central Bank, continues to pledge to do “whatever it takes” to support his tipsy-turvy finance game, despite his recent announcement to halve bond buying. And in Japan, Mr. Abe says he will continue the three broken arrow policies to improve the economy by feeding it with fake money.
Seriously, can you feed a dairy cow with fake grass and alfalfa to make it produce more delicious and nutritious milk?
Bad things are going to happen in the equity markets and high yield corporate bonds, that's for sure, though the timing cannot be ascertained beforehand.
“We are going to have a recession when rates normalize and if you think otherwise, you’re delusional.” Peter Boockvar, The Boock Report.
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