"I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody," James Carville, a political consultant to President Bill Clinton, told the Wall Street Journal in 1993. If you're not intimidated yet by the chaos in the bond market against a backdrop of negative rates, quantitative easing and the prospect of helicopter money, it may be time to start paying attention.

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