Negative interest rate borrowing. A boon for HC?

....This is the world we have today. Thanks to ever-increasing wealth concentration and meager growth across the developed world, you have some people sitting on incredible piles of cash and a shortage of people with robust opportunities to borrow and use that cash.

There’s a reason Europe is ground zero for the explosion in negative rates. Growth has been mediocre seemingly forever, there is still tons of wealth, and beyond that, there's a relative shortage of stable institutions in which to park money.

Think about Switzerland where, like Germany, the entire yield curve is negative—all the way out to 50 year bonds. It’s one of the most stable banking centers that has ever existed, and it's surrounded by a sea of people who have just been involved in scares relating to frail banks and risky government bonds. Naturally, if you're rich and in Europe, you’d like to hold your money at UBS. And since UBS doesn’t have unlimited capacity to pay you interest on your holdings, well, you’ve got to pay UBS for the privilege of holding your money.