In other words, the interest rate on loanable funds cannot fall below zero because holding cash guarantees a rate of return of zero.

And I partly made up for missing out on a bond rally (5% annual return on long-term bonds) by favoring growth-oriented mutual funds over value funds.

If only both sides gave up posturing, they would agree that the European rescue funds should be used to stabilise Ireland's Banks, insisting only on certain budget targets in return.