Nick Szabo  🔑

Typical elitist economists @ruchirup and @mileskimball working hard to destroy the life savings of the general public.

Consider this: from 2009 through 2016: -6% in 2009 0% in 2010 2% from 2011 on would have been better for savers than < .25 % from 2009 through 2015 and < .5 % in 2016 6% cumulative return instead of <2.25%. The negative interest rate counterfactual better for savers.

That's the macroeconomic astrologhyer's fantasy, that stealing money from people's bank accounts will bring about a magical economy recovery.

stealing as in devaluing currency or by actual theft

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