SPDR S&P 500 (SPY)

[tw0122]

Negative Yielding Bonds increase in Europe. Greece foray into negative rates comes after the ECB cut its deposit rates even deeper into negative territory and said it would restart quantitative easing (unlike in the US, the ECB has no qualms about calling "not a QE" by its real name). Investors are also looking toward fiscal stimulus as the ability of monetary policy to stoke growth is tested to its limits, and unlike Germany, we expect Greece to fully take advantage of negative yields to stick it to creditors "investing" with other people's pensions.

Indeed: as the world's banks and investors founder, at least perpetually corrupt and incompetent governments are rewarded, and all it took was several years of insane monetary policy by a former Goldman Sachs leader to unleash the biggest revolution in the European bond market in history, one which will end in the biggest bond bubble crash ever seen.

But - as the supporters of the ECB will tell you - "not yet"...