Deutsche Bank: Negative Rates Confirm The Failure Of Globalization

``QE takes away the liquidity preference choice out of the hands of the consumers, and puts it into the hands of central bankers, who through asset purchases push up asset prices even if it does so by explicitly devaluing the currency of price measurement; it also means that the failure of NIRP is - by definition - a failure of central banking, and if and when the central bank backstop of any (make that all) asset class - i.e., Q.E., is pulled away, that asset (make that all) will crash.''