Negative interest rates allowed countries to load up on debt that now has much higher costs, not just in the developed world but down to the smallest countries.

It might not yet be obvious to most, but years of excessively loose conditions have come back to haunt the system.

Without a doubt, the Chinese central bank (PBoC) is still the leading single entity that is driving up the gold price to record highs, year-to-date by more than 55 percent.

Historically, the most stubborn economic downturns have been led by contractions in the housing market.