Zero long-term rate reflects structural imbalances in the global economy …

This is the new not-normal normal

A majority of global 60T$ bonds yield near-zero to negative rate@FT article says "investors blame the Federal Reserve". https://t.co/kRjr7qoW4W

But that is wrong

Zero long-term rate reflects structural imbalances in the global economy … pic.twitter.com/pvDfOPuao1

— Atif Mian (@AtifRMian) July 28, 2020

We can think of zero/negative long-term rates as symptom of a serious global economic disease

Central banks cannot cure this disease

For possible causes and cures of the disease, see https://t.co/Usy6IujDDm

— Atif Mian (@AtifRMian) July 28, 2020

In a sane world, central bankers w/h pushed for structural reforms long ago. Instead they let everything just go to hell b/c it makes them more powerful. But it's not free. Ultralow rates forever are massively destabilizing phenomenon. Destroys retirement path, pension funds, etc pic.twitter.com/NkYHLoHVnZ

— M/1_LP (@MI_Investments) July 28, 2020