Jim’s Quote of the Day:
“Negative interest rates are Mammon’s Götterdämmerung. The money cult is bolstered by the idea that its huge and all-powerful deity will be even more huge and all-powerful tomorrow; if the opposite is demonstrably the case, then people’s faith in it begins to falter and fade. Negative interest rates are like an icy-cold bath for Mammon, causing its godhead to shrink a little more with every dip. People see that, and think, ‘I don’t want to worship his shrinking yarbles.’ Then they go and spend their own yarbles on anything they can find—fallow land, vacant houses, golden calves, boxes of brass …