The U.S. dollar looks further than ever from paying a positive real rate of interest, leaving both investors and merchants to price scarce resources in an ever-depreciating, ever-more generously supplied currency.
Many developing economies also have positive real interest rates, meaning that you can earn a return on their bonds over and above the rate of inflation.
Although the interestrate is 0% to 0.1%, average deflation of -1.3% in the past 15 years means that the real interestrate (nominal interestrate 0% minus the price change of -1.3%) is a positive 1.3%.