In the entire history of the United States, consumers have never been in so much debt.  And that would not be a crisis as long as the vast majority of us were regularly making our debt payments, but as you will see below delinquency levels are starting to rise to extremely alarming levels.  In fact, […]

The standard joke about high-yield bonds is that they’re not high yield any longer. Let’s replace it with something better.

It’s not enough to hand over your money to the government anymore. Now you have to pay them for the privilege to do so. That’s the basic premise behind negative interest rates: investors around the world are crazy enough to buy government bonds whose yields are actually below zero. In technical terms, this GUARANTEES that […]