No one knows how to back out without blowing up the whole system.
Negative interest rate policies elsewhere hit US Treasury yields.
“Europe is caught in a trap.”
Negative interest rates, helicopter money trigger Clash of Titans.
Among the goodies, “reverse Yankee” landmines.
“A hostile landscape.”
“Negative interest expense” or some such absurdity yet to be coined.
But Draghi Still Doesn’t Get it.
And the Bitter Irony?
If “punishment interest exceeds the pain threshold….”