The world is on a bumpy journey to a new destination and the New Normal.

If you happen to be the only one with negative interest rates, you also weaken your currency, which means you make your exports more competitive.

I remember when I was growing up, you would go to a bank to open a deposit, and they'd give you a toaster. A free toaster. These days, if you're a company, and you go to a bank, they could easily turn you away! They don't want your deposits anymore.

Investors should invest on what they know. The biggest mistake is to invest on what they don't know.

It is hard to imagine that, having downgraded the US, S & P will not follow suit on at least one of the other members of the dwindling club of sovereign AAAs. If this were to materialise and involve a country like France, for example, it could complicate the already fragile efforts by Europe to rescue countries in its periphery.

The world is on a bumpy journey to a new destination and the New Normal.

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!