One by one, the giant investment funds are quietly switching out of government bonds, the most overpriced assets on the planet.

Nobody wants to be caught flat-footed if the latest surge in the global money supply finally catches fire and ignites reflation, closing the chapter on our strange Lost Decade of secular stagnation.

As of now (late November), roughly $6 trillion of government debt was trading at negative interest rates, led by the Swiss two-year bond at -1.046%. The German two-year Bund is at -0.4%.

The Germans and Czechs are negative all the way out to six years, the Dutch to five, the French to four and the Irish to three. Bank of America says $17 trillion of bonds are trading at yields below 1%, including most of the Japanese sovereign debt market.

This is a remarkable phenomenon given that global core inflation - as measured by Henderson Global Investor's G7 and E7 composite - has been rising since late 2014 and is now at a seven-year high of 2.7%.

Inflationistas in the West have been arguing for six years that the QE-fuelled monetary base is about to break out and take us straight to Weimar or Zimbabwe. They failed to do their homework on liquidity traps.

Yet their moment may soon be nigh. Catalysts are coming into place. Globalization is mutating in crucial ways.

"He it is who has sent His Messenger (Mohammed) with guidance and the religion of truth (Islam) to make it victorious over all religions even though the infidels may resist." Koran 61:9

Islamic violence is a religious problem.

Islam derives meaning from physical supremacy, so war becomes an act of faith. To believe in Islam, is to have faith that it will conquer the entire world. And to be a true Moslem, is to feel called to aid in that global conquest, whether by providing money to the Jihadists or to become a Jihadist.

The fulfillment of Islam depends on the subjugation of non-Moslems so that violence against non-Moslems become the essence of religion.

Anything that suggests Islam is not absolutely superior becomes blasphemy. When Moslems explode into outbursts of violent rage over seemingly petty things like a cartoon or a video, it is because to them, any loss of face for Islam is the worst kind of blasphemy because it challenges its supremacy.

Truth and power in Islam are identical. It is not a religion of the oppressed, but of the oppressors. Jihad is the force that gives Islam meaning. It is the deepest expression of faith.

As the cleaning crews were mopping up the dried blood from the stage and the seats of the Bataclan concert hall in Paris, a depressing act appeared on stage in distant Iowa.

Saturday night (11/14) the three contenders for the Democrat Party’s presidential nomination took to the stage in Iowa for a debate. The moderator asked them whether they would be willing to use the term “radical Islam” to describe the ideology motivating Islamic terrorists to massacre innocents. All refused.

Like her former boss, President Barack Obama, former secretary of state and Democrat frontrunner Hillary Clinton not only refused to accept the relevance of the term. Clinton refused to acknowledge what radical Islam stands for.

But of course, it is easy to understand what motivates Islamic terrorists. They tell us all the time. They want the world to be run by an Islamic empire. When they are in charge, they will kill, subjugate, convert or enslave all non-Muslims, except Jews. The Jews will be obliterated.

The operational consequences of America and the West’s refusal to acknowledge the nature of the forces waging war against it have been disastrous.

Our obligations to the heroes of our country

These days our men and women in uniform are usually treated with kindness and respect. Nobody begrudges someone in uniform getting to board a flight first, or getting comped a first-class seat.

Even those on the left who think that people in military service are misguided dupes of evil militarists no longer indulge the open scorn and calumny prevalent in the Vietnam War era, when a uniform was a target for spittle and charges of “baby-killer,” when in 1971 John Kerry appeared before the Senate and accused U.S. troops of rape, torture, and mutilation.

Yet under the surface of progressives’ seeming respect and sympathy there still lurks a subtle contempt for the virtues and values that make our warriors worthy of our gratitude and admiration.

Qatar is one of Obama’s favorite Muslim dictatorships. Secretary of State John Kerry recently launched an economic dialogue with Qatar. Qatar got a free pass to smuggle weapons past the NATO blockade of Libya even though the administration knew the weapons were going to terrorists.

While Qatar was buying weapons from Sudan, a country whose leader is wanted for crimes against humanity, to pass along to Islamic terrorists in Syria, the State Department was clearing Qatar to buy American weapons. Qatar was, of course, a Clinton Foundation donor.

The Reagan administration had cracked down on Qatar for illegally getting its hands on Stinger missiles. The first Bush administration had forced Qatar to destroy them. But these days we are the arms dealer for a nasty tyranny that has ties to terrorists.

But Qatar is only Obama’s second favorite Muslim dictatorship and state sponsor of terror. Topping the list is ...