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Here is the direct Barron's link which I accessed in incognito mode:Some say the world will end in fire,
Some say in ice.
...rising life expectancy increases desired savings, Fels continues. People may no longer value present consumption over future consumption, as in past generations, when they often died before they retired and struggled to meet current needs. To transfer purchasing power to the future, they may accept a negative interest rate and save more. New technologies also reduce the need for capital and are becoming cheaper, cutting the demand for investment, he adds, which also lowers the floor on interest rates.
The question is whether such a collapse toward the zero bound would occur in a recessionary plunge in markets for stocks and other risk assets—in an economic and financial Ice Age, as Société Générale’s Albert Edwards has long predicted. Grant, by contrast, expects that a drop in U.S. interest rates to new lows will light a fire under prices of assets from stocks to corporate bonds to real estate.
...cheap capital still is continuing to provide funding to money-losing companies with dubious chances for profitability. And while various economic indicators denote a slowing, new claims for unemployment insurance—a leading indicator of the labor market—remain at a historic low. That feels more toasty than chilly.