The False Promise of Negative Interest Rates
Negative interest rates are the latest in a series of fruitless efforts to revive post-crash economies using monetary policy. Such efforts amount to a distraction from a fundamental truth: The only way to ensure that “new money” is put into circulation is to have the government spend it.
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LONDON – As a biographer and aficionado of John Maynard Keynes, I am sometimes asked: “What would Keynes think about negative interest rates?”