Zero interest rates are nonsensical

Patience is rewarded with interest. That was true for 5000 years - until the central banks began to punish patience.

This commentary is from the column “Mayers Weltwirtschaft” (Mayer’s World Economy) which was published in the FAS (Frankfurter Allgemeine Sonntagszeitung) and is available online at www.faz.net (in German only).