Some $13 trillion in bonds are paying negative interest rates, which
means bondholders actually pay for the privilege of holding an issuer’s
bonds. That represents more than 20% of a total global bond market value of $55 trillion,
according to Bloomberg. Other bonds are paying positive rates so low
they carry a real (after inflation) negative yield as well. ... Some civilizations, like the early Roman Catholic Church and Islam, were
opposed to charging interest, but negative rates just didn’t happen, as
far as Sylla knows, until the modern era. Now 14 European countries,
including France, Germany, the Netherlands, and Spain, have negative interest rates on their two-year bonds.
