圖表顯示現時歐洲垃圾債券的平均收益率低於美國十年期國債收益率基準,叫人驚訝。

現時全球債券市場有三分一的債券由聯儲局、歐洲央行和日本央行坐擁,他們透過各自的央行憑空印出數以十萬億計的美元、日元和歐羅,用以購買這些債券。全球量化寬鬆、央行買盤導致收益率跌至5000年低位,在許多地方更出現負收益率。以1%利率計算,100年後才能收回借出的本金。若貸款利率為負數,成本回收期將是無了期,亦即是你的錢永遠收不回來。

歐洲央行行長「超級馬里奧」德拉吉(Mario Draghi)雖然早前宣布買債規模減半,但繼續承諾將「不惜一切代價」推行他上下顛倒的金融政策。日本方面,安倍聲稱將堅持推行三枝爛箭政策,用印鈔機的「假鈔」拯救經濟。

說實話, 用假的草和飼料餵奶牛,怎可能生產出美味又富營養的牛奶呢?

萬聖節晚最好的玩樂點子,可能是查看美國英國加拿大日本德國等地的國債,又或者看看實時的世界國債時鐘

可以肯定股票市場和高息企業債券市場快有壞事發生,可惜何時發生不能提前知道。

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? 

Click and watch the debts of the United States, the United KingdomCanadaJapan, Germany and the World Debt Clock in real time is arguably the best Halloween entertainment idea tonight. 

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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