As of today, nearly $13 trillion of hard-earned global capital sits in government bonds offering negative yields. up from nearly none a couple years ago. Almost all this paper belongs to heavily indebted but so-called 'developed' countries like Japan, Switzerland, and Germany. How did we get here? What does it mean? And what's next? The team discuss a phenomenon which has frightening similarities with 2009, when 'subprime' took the form of individual borrowers, not indebted nations..

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