I’m not about to translate an entire news article from Denmark, but here is the headline that hit the wire a little while ago:
Boliglån rammer negativ rente for første gang
Nordea Kredit skal nu føre penge tilbage til enkelte kunder i stedet for at opkræve dem, skriver JP Finans.
Translated courtesy of Google:
Mortgages frames negative rate for the first time
Nordea Kredit must now bring money back to individual customers instead of charging them , writes JP Financial .
Has deflation become so severe in the Eurozone that negative mortgage rates make sense? Deflation, yes. Paying people to take out mortgages, no.
If deflation has become such a severe problem that a banking system must pay people to borrow, the global economy is crawling on the razor’s edge.
These are strange times indeed.
Here is the link if you wish to translate the entire piece: http://www.dr.dk/Nyheder/Penge/2015/01/30/0130122132.htm
“I watched a snail crawl along the edge of a straight razor. That’s my dream; that’s my nightmare. Crawling, slithering, along the edge of a straight razor… and surviving. ” – Colonel Kurtz