Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

The one instrument that has relative political autonomy is monetary policy. Central banks do not need to go to Congress to get approval for an interest rate hike.

The theory is that if you take interest rates negative, people are going to say, "That's a silly game! I'm not going to lend my money to governments who want me to pay them. I am going to go into the stock market where I can get positive returns!"

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

Investors have to ask themselves two questions. How much can we grow our investments? And, can we afford our mistakes?

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.

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.