Nick Szabo  🔑

Actually taking the money. "Deep negative interest rates", or what was called a haircut in Cyprus.

Damn. Heard about that but thought it was wildly out of bounds. Thanks for the reply.

Despite this being an IMF paper, for the next few years at least "wildly out of bounds" is still probably more accurate in most places than "readily available measures". They have a whole spiel about how they need to introduce it slowly for it to become politically palatable.

Imagine the exodus from savings accounts then

Their theory is that people will thereby be incentivized to spend the money as the alternative to having it stolen. Same as the Keynesian argument for inflation, only a more direct theft. They don't even mention gold, cryptocurrency, real estate, art, etc. as alternatives.

Ah, interesting stimulus package

As in "may you live in interesting times." :-(

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