Making it real that we live in the "second gilded age"...
A Year Ago on Equitable Growth: Fifteen Worthy Reads from around June 28, 2018

Thomas Hale: This Is Nuts, When's the Maturity?: "Austria borrowed €3.5bn for 100 years... currently yielding 1.1 per cent.... One of the issues with long-dated bonds is the question of how long it would take to get your money back. The 8 per cent yield on Argentina's 100-year bond, for example, meant investors would, in the absence of a default, receive their money back in a reasonable time period-i.e., within the duration of their own lives. That's obviously not the case with the... Austrian bond(s).... This is nuts in the sense that structural factors on the buyside lead to ostensible absurdities, or in the sense that the interest rate environment in the eurozone is unprecedented, rather than nuts in the sense that this bond is objectively a bad asset to buy.... The German 10 year Bund... is back at a new lowest-level-of-all-time-level of -0.33 per cent.... You just lose less than you might elsewhere, which, conceivably, is a kind of gain, depending on what happens to everyone else...


#noted

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