Central banks going full Zimbabwe! "The central message of this paper is that there are set of readily available approaches to enable DEEP NEGATIVE RATES that empowers the central bank"https://www.imf.org/en/Publications/WP/Issues/2019/04/29/Enabling-Deep-Negative-Rates-A-Guide-46598 …
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It is *precisely* zero rates for the *wealthy* and for corporations that need to be disallowed. There should not be negative rates for people of modest means and there wouldn't be negative rates for people of modest means in our plan.
What do you and/or your fellow proponents of deep negative interest rates plan to do about options the wealthy have have park their money in gold or cryptocurrencies?
![Érick Zazueta [₿][🔑]](https://pbs.twimg.com/profile_images/1054891168364982272/mH9Avik5_normal.jpg)
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The Swiss have -ve interest rates, for different reasons (CHF was being pushed up by safe haven demand, hurting exports), but people just buy bundles of 1000chf notes and rent a deposit box. Problem solved. $40bil worth of these in circulation, in a country with population 8.4milpic.twitter.com/xCVkNPCulN
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You could imagine the demand for deposit boxes and $100bills would go up in the US also. Even some Swiss companies have been putting $millions in deposit boxes or vaults, not just individuals. (Btw 1000chf is about $1000 note in value). So it probably ends up being a tax on some.
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Some banks have in their safe deposit agreements specific prohibition of holding Cash, or gold in those boxes. In a negative rate regime I expect the war on cash to escalate. Should be good for
#bitcoin but the Statists hate#bitcoin too.pic.twitter.com/8BxeOL06AQ
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please elaborate
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Render property law and a thousand years of practice & tradition null and void, of course.
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Maybe I'm too poor to ask this question intelligently, but wouldn't most really wealthy people have most of their wealth in things like investments, real estate, private business, etc., except for whatever liquidity they needed to manage?
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Illiquid assets are good investments. Until they aren't.
#BitcoinFixesThis
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Historically gold is more stable, reliable and more widely accepted.
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That was because it minimized trust, but given rehypothecation, cooked books, & tungsten cored coins & bullion, it's hard to argue it will always be more trusted than
#Bitcoin; it's also much easier to transfer and verify compared to gold.
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The only option is act as a gatekeeper, and ability to do this is far harder with crypto.
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Don't ask them, they will then imprison people for doing such!
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