FAST FIVE: "Zero Has No Meaning" Says Greenspan: We Disagree, So Does Gold

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Authored by Mike Shedlock via MishTalk, Negative yields.

This is not discounted in the marketplace.” Now it's “No Big Deal”.

Alan Greenspan on “Irrational Exuberance” On December 5, 1996 the Maestro warned of “Irrational Exuberance”.

Negative Time Preference As noted above, Joachim Fels, global economic adviser at Pacific Investment Management Co, suggests “there's been a change in the fundamental economic theory of time preference that helps explain why people are buying debt with negative yields.” Time preference can never be negative.

That's the meaning, and the evidence is overwhelming.

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