Hussman proposes that stocks and bonds are so ridiculously priced that expected returns in every time frame shorter than 10 years is likely to be negative. He believes stocks will not be flat for 10 years, rather there will be a drawdown of 40% or more at some point.

Hussman also discussed central bank policy and whether or not there was any evidence it works. Let's continue with the bank policy discussion.
No Evidence QE Increased Industrial Output or Reduced Unemployment

I imagine that Ben Bernanke, Mario Draghi and Haruhiko Kuroda all stay awake at night imagining ways to force negative rates on savers. But the larger question, beyond a sociopathic desire to control others in service of one's own intellectual dogma, is why anyone would advocate such policies. I can't emphasize strongly enough that there is no economic evidence that activist monetary intervention has materially improved economic performance in recent years.