Charles Hugh Smith on the perverse effects of (understandable) macroeconomic panic:
What NIRP communicates is: this sucker’s going down, so sell everything and hoard your cash and precious metals.
Oh, look —
Expect the war on cash, in all its forms, to massively intensify.
ADDED: Fernandez, on the road to NIRP. “While NIRP and $4.1 trillion budgets may represent the last throw of the Keynesian dice, John Maudlin warns that even failure will have no effect. Like negative interest rates itself, orthodoxy is prepared to venture into negative sanity rather than admit to error.”