Germany joins the growing list of countries which now sell 5-year bonds at negative interest rates

Back in my college days, I completed business school courses in finance and economics where the instructors taught the Time Value of Money theory where it was assumed that money would be worth more the sooner that it is received because of inflationary forces and the interest that can be earned on the funds. In the 21st century, that theory has been turned completely inside-out and tossed into the dustbins of forgotten history.

Germany Sells Five-Year Debt at Negative Yield for First Time on Record
Move Reflects Plummeting Borrowing Costs Across Europe
By Emese Bartha And Ben Edwards
The Wall Street Journal
Feb. 25, 2015
http://on.wsj.com/18GePRs

[snip]

Germany on Wednesday sold five-year government debt at a negative yield for the first time on record, reflecting plunging borrowing costs across the region in the run-up to the European Central Bank’s sovereign-bond-buying program.