We normally think if you're going to lend someone money, you should get some reward for doing this. In Europe, it's a tax!
Mohamed El-Erian[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.
Mohamed El-ErianHow long can interest rates stay negative? Think about this. Not only are you lending your money to governments, but you're paying them interest for the privilege of doing so.
Mohamed El-Erian