In Shocking Move, ECB Cuts By 10 Bps, Sends Deposit Rate Further Into Negative Territory

Negative yields translate to a subtle form of bail-in, where depositors/account holders are taxed for parking their money.  Negative yields also completely dismantle the capital asset pricing models, rendering future valuation and risk assessment as useless.  As a result, asset bubbles are forming globally, and the concept of "riskless return" is obsolete.

Economics textbooks have to be re-written, as we live in a financial world which is upside down--literally.  These "extraordinary" monetary interventions are unprecedented and will no doubt end in tears.

http://www.zerohedge.com/news/2014-09-04/shocking-move-ecb-cuts-10-bps-sends-deposit-rate-further-negative-territory