TOKYO—The Japanese government is now getting paid to borrow money, after selling benchmark bonds with a negative yield for the first time Tuesday.No, really.
(T)he Ministry of Finance sold 10-year bonds with an interest rate of 0.1% at the average price of ¥101.25, producing a yield of minus 0.024% if held to maturity.Someone on the web said that the only governing principle of the Democrats here in America is "more." More spending, more regulations, more borrowing, more, more, more. It hasn't resulted in anything good, of course, but one of the advantages of being a secular postmodernist is that icky things like objective measures of success no longer apply. There's no reason why that governing principle doesn't apply globally. More borrowing, more spending, more, more more.
6,000 years of human experience that led people to conclude that best way to prosperity was creating, saving and investing has been discarded in favor of more, more, more. Well, what did they know? They didn't even have iPads!
In any case, that particular Rubicon, negative interest rates for the government, has now been crossed by an ostensibly first-world country.
|Why not? Seriously, why not?|