You may recall that at the beginning of March 2020, I wrote an opinion that many considered outlandish at the time

Net International Investment Position (“NIIP”) is an ever-so-important but ever-so-seldom used indicator of a country’s financial health, you might say, its financial net worth.

With the long-term trend in interest rates down, and inflation trending upward, (alas, with increasing signs of not being transitory), more and more debt instruments have increasingly negative real interest rates.