This morning I posted the story on my Facebook timeline about Deutsche Bank recommending that savers be penalized with negative rates and wealth be taxed (since Central Bank intervention has, in a word, failed). After a few hours I posted a comment “Sure is quiet in here…” since nobody had reacted and Unemployed CEO sent me the following rant:
The vast majority of the population are stupid and up to their eyeballs in debt. Do you know how I know they are stupid? Because they are up to their eyeballs in debt. When a stupid indebted person hears of a “tax the rich scheme” or negative interest mortgages, it is like music to their ears. Nothing short of a financial system implosion is going to change this so it will only end when the financial system implodes. At that point, all the stupid indebted people will become violent people who will kill you and your family because the government will tell them that you (the evil cash savings hoarder) blew up the economy because you were not willing to spend the money you saved despite the negative rates and the wealth taxes.
Like I said before, no species has ever survived suspending the laws of natural selection. Basic income, helicopter money, negative mortgages, etc etc are all covert ways of suspending the laws of natural selection for a while. But you can’t suspend natural selection for ever. It has never happened before!