Ep. 431: Bill Bonner Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Importance of Negative Interest Rates
The social contract is broken. The whole idea of an economy of work leading to output, leading to money, leading to investment, leading to further output and so on, the whole thing falls apart. You'd have to be a PhD economist to believe that you could actually stimulate an economy by imposing negative interest rates. In fact, the way it really works is it's a tax. If you have money, you put it in the bank and then the bank charges you. It's just a tax on your money. And taking the money from them through this policy of NERP is absolutely eootic. People having some money taken from them now are reacting by saving more money because at
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