The idea of pushing more cash into the system through QE and then taxing wealth (and the system) with negative interest rates seems counter productive to me.
How a wealth tax can be spun as stimulative when it is actually a policy designed to target equity prices confounds. It will actually encourage (especially the demographically vulnerable) more saving, less discretionary spending and lengthen working careers which will all depress prices, wages and returns.
Its the "ice age of free market capitalism".
Mtl JP 03:24:50 GMT - 03/16/2016
Minus 0.5% interest rate? Bank of Japan’s Kuroda says it’s possible
Published: Mar 15, 2016 10:43 p.m. ET
Deeper negative rate cuts possible ‘theoretically,’ central banker says
“Theoretically speaking, I believe there is a quite large room” for more cuts, Bank of Japan Gov. Haruhiko Kuroda said.
TOKYO — Bank of Japan Gov. Haruhiko Kuroda said Wednesday it is theoretically possible to cut a short-term interest rate to around minus 0.5%, a comment that could add to uneasiness among the public over the policy experiment aimed at beating deflation.
“Theoretically speaking, I believe there is a quite large room” left for the central bank to further lower the deposit rate from the current minus 0.1%, Kuroda said during a parliamentary session. He was referring to the rate the central bank recently imposed on some deposits held by commercial banks, as part of broader efforts to end a negative cycle of price falls and to generate inflation.
Kuroda said it is theoretically possible to bring the rate down to about minus 0.5%, and that he may take such measures if a major global economic crisis potentially threatens Japan’s economy.
Kuroda also said he is “prepared” to unleash additional monetary stimulus through expanding the BOJ’s asset purchase program or further reducing the deposit rate, or both, to achieve his 2% inflation target if necessary.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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