negative rates where the present value of an income flow 10/20 years down the road is pretty much the same as today

Interest rates are used to discount the future worth of a flow of income. The higher the discount rate the lower the present value of the future cash flows. Cannot use NIRP which is a short-term rate but long rates are extremely low by past standards, and NIRP is pulling them down. So we have a situation where the present value of an income flow 10/20 years down the road is pretty much the same as today. That seems to spell stagnation with a capital "S