Negative yield is reactionary. When, for example, in the late 19th Century, economies of scale were built out to provide goods cheap enough the masses could afford, the “naked capitalist” was, in his mind, creating order from free-market chaos. Like we see in nature, the property that emerges is positive. Even more valuable is to identify the product of consolidating industry and markets as yielding to the objective ontology (the intended identity) of a natural existence, which is a philosophical construction that supports the arbitrage argument.
Consolidation of industry and markets is still the model used to pre-tend the ontology of an on-demand, free-market existence. Since capitalism exists to resist the chaos of on-demand forces, it can only pretend to yield to its tendencies, yielding instead to the intendency of “the risk” being avoided.
The result is massive accumulation of debt–negative yield. The “big risk” Geithner refers to in “Stress Test” must be constantly managed in the futures (“tested” by method, yielding to the “stress”) if the risk is to be avoided, which by default would undress capitalism and reveal its natural, naked identity.