It will mark the end of an era when the Japanese central bank ends its negative interest rate policy in the coming weeks, making it the last of the major central banks to shelve the failed experiment of unbridled money creation (for now). I say 'for the time being' because it is obvious that it will not be possible to finance the excessive national debt with further rising interest rates and the fiscal dominance of the states will automatically force the central banks to keep real interest rates low if they do not soon return to negative territory. Even the smallest banking crises can escalate into real financial market storms under the prevailing conditions of fragility and are likely to immediately force central banks back into a massive expansionary policy. While Japan is trying to return to a normal monetary policy, China is already back in a phase of massive monetary expansion to support its reeling markets. In the Eurozone, we are seeing heated debates about a rapid interest rate cut as everyone feels the pressure on banks and central banks to ease credit conditions in the face of recession and high insolvency rates.