This time it’s different

Nobody knows how the global financial crisis will pan out - we're in uncharted territory, concludes a recent German report.

Five years after the global financial crisis began it's remarkable "just how abnormal economies and financial markets remain", says Deutsche Bank. Deutsche's annual Long-term Asset Return Study is a stark reminder that "in many cases there are no historical precedents for what we are currently experiencing".

Ten-year bond yields in the Netherlands have hit their lowest level since 1517 (the Dutch data go back furthest). The most important global benchmark for ten-year yields, the US Treasury rate, recently hit a record low. Meanwhile, "base rates have never been so low, for so long, for so many".

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