Yields dropped from 16% in 1981 to less than 1% for Treasuries in 2020. If the pace continues then in another 40 years rates will be negative 15%; at this pace in 250 years they will be negative 100%. If something is absurd then it won’t happen. At some point the ridiculous operations of central banks will be discredited and new policies of reasonable rates will have to be implemented to restore faith in the system.
  The irrational system of the Euro currency and ECB was revealed in the crash of 2008 and more fully realized in 2012; similar concerns in Japan meant that much of the Developed world sent flight capital to the U.S. since 2012. Wealthy investors in China also exported their funds to the Developed world before restrictions were implemented a few years ago. This, along with a U.S. tech stock rally, made too much capital flow into the U.S., making yields too low. It fooled the experts into thinking the government could simply borrow recklessly at low yields. Eventually foreigners will fix their problems and withdraw their funds from the dollar based economy. The dollar will drop, yields will have to rise, and we will be back to the days of 6% Treasury yields. This will hurt real estate values, rare art, commodities, and stock prices, etc. Real estate agents, loan agents, stockbrokers may experience a drop in their earned income, and everyone else may experience a drop in the vale of their portfolio, thus reducing consumption and growth.