Print is the solution?
- The solution to negative interest rates is to find refuge against debasement. This sucks liquidity into scarce and unproductive assets (gold, art, land) rather than in efficiency assets. The result is no growth in productivity. Moreover, these “dams of liquidity” grow ever larger behind the favored safe havens, raising risks of a black-swan event.
Charles Gave , from Gave Kal, 28th September
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