Is this how some people felt about the LHC being turned on?
Three month treasury bills are being sold at negative interest rate this morning.
Krugman, professionally, is fascinated
I am also terrified.
At least with the LHC I knew, professionally, that the doomsday scenarios were impossible.
Economists think liquidity traps ought to not happen, nowadays, so it must be professionally fascinating to see what looks like one developing before your eyes.
Be like seeing the apparent development of an event horizon or vacuum phase transition.
In person.
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So, I was thinking, where are the cold alien intelligences who ought to be out there, studying us dispassionately, as if we were microbes...?
Well, what if we accidentally killed them all?
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I wouldn't.
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Yikes, the Bank of My Mattress is starting to look like an attractive place to deposit cash.
The reaction was to this week's money market fund blowup. From that fund alone, about $2B went to money heaven. Let's not talk about how our stock funds are doing this week. Lots of folks aren't worrying about return on capital anymore; they're worried about return of capital.
Interesting take from Mr. Black Swan.