If inflation averages 1.5% over the next two years, and the Fed keeps short rates at 0.5% or less, then the real yield on cash will be -1%.

ECONOMIST: A very unusual sign of confidence in economic policy

Bulls scoff at the bear argument, noting that stocks aren't expensive based on many earnings, dividend-yield and cash-flow measures.

WSJ: Bad-News Bears Crash the Party

In the core markets of France, Germany and the Netherlands, the dividend yield is much higher than the yield on cash or on ten-year government bonds.

ECONOMIST: Share prices in Europe may have priced in the bad news