Nick Szabo  🔑

I feel sick. If I'm comprehending this well enough, this whole thread deserves to be in all caps.

Despite their idiotic rhetoric making the unprecedented sound routine, there are many hurdles, especially here in the U.S., where they will face a flurry of lawsuits to be heard by judges who studied contract and property law, not macroeconomic superstitions, in law school.

If I were in Europe I might well be worried though.

Relax @NickSzabo4! They're specifically engineering the negative interest rates so that they only affect the wealthy!https://twitter.com/mileskimball/status/1155471449626296325 …

Negative interest rates benefit the rich more. Even if you exclude them. They own assets too. Do the price of those assets increase while rates go lower. The rich will get richer dumping their bags on you.

There are a lot of things in our system that favor the rich that have nothing to do with the level of interest rates. If negative interest rates shine a light on how the rich are favored in ways that preexisted the negative rates, that is a good thing.

Actually, there is a lot of experience showing that the spreads between the interest rates the poor get and the rates of return the rich get narrow when interest rates are low. Under our plan, negative rates give those of modest means a higher return than the rich.

Show me the data? Low rates causes massive amount inflow into assets like equity, housing...assets own by the rich. Poor people have their money and saving in the bank. The low interest rate environment is the cause of the widening income gap between rich and poor