Jim Rickards: The currency wars are intensifying…

From Jim Rickards, Editor, Currency Wars Alert:

The currency wars are intensifying. Out of desperation, more central banks, including Japan, are running headlong into negative interest rate policy, or “NIRP.”

Negative interest rate policy by the world’s central banks is getting out of control. The latest cut was from the central bank of Sweden, the Riksbank. Interest rates in Sweden were already negative, but the Riksbank cut them even further, from minus 0.35% to minus 0.50%.

The Riksbank has joined the European Central Bank, the Swiss National Bank, and the Bank of Japan in this negative rate madness. It reminds me of the limbo dance craze of the 1960s.

Dancers had to lean backward and shimmy under a stick held by two other dancers. It was a contest, and the winner was the one who got under the lowest stick without falling over backward. The musical refrain was, “How low…

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