{"id":17629,"date":"2016-02-10T16:02:54","date_gmt":"2016-02-10T21:02:54","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17629"},"modified":"2016-02-10T16:02:54","modified_gmt":"2016-02-10T21:02:54","slug":"something-very-disturbing-spotted-in-a-morgan-stanley-presentation-slide","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17629","title":{"rendered":"Something Very Disturbing Spotted In A Morgan Stanley Presentation Slide"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2016-02-10\/something-very-disturbing-spotted-morgan-stanley-presentation-slide\" target=\"_blank\">Something Very Disturbing Spotted In A Morgan Stanley Presentation Slide<\/a><\/h3>\n<div class=\"tabs\">With central bankers losing credibility left and right, and failing outright to boost the &#8220;wealth effect&#8221; no matter what they throw at it, the next big question is when will central planners around the world unveil the cashless society which is a necessary and sufficient condition to a regime of global NIRP.<\/div>\n<div class=\"node\">\n<div class=\"content\">\n<p>And while in recent days we have seen op-eds by both Bloomberg and FT urging the banning of cash, the most disturbing development we have seen yet in the push for a cashless society has come from the following slide in a Morgan Stanley presentation, one in which the bank&#8217;s head of EMEA equity research Huw van Steenis, pointed out the following&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/MS%20negative%20rates.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2016\/02\/09\/MS%20negative%20rates_0.jpg\" alt=\"\" width=\"600\" height=\"336\" \/><\/a><\/p>\n<p>&#8230; and added this:<\/p>\n<blockquote><p>One of the most surprising comments this year came from a closed session on fintech where I sat next to\u00a0<strong>someone in policy circles\u00a0who argued that\u00a0we should move quickly to a cashless economy so that we could introduce negative rates well below 1% \u2013 as they were concerned that Larry Summers&#8217; secular stagnation was indeed playing out and we would be stuck with negative rates for a decade in Europe.\u00a0<\/strong>They felt below (1.5)% depositors would start to hoard notes, leading to yet further complexities for monetary policy.<\/p><\/blockquote>\n<p>Consider this the latest, and loudest, warning on the road to digital fiat serfdom.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Something Very Disturbing Spotted In A Morgan Stanley Presentation Slide With central bankers losing credibility left and right, and failing outright to boost the &#8220;wealth effect&#8221; no matter what they throw at it, the next big question is when will central planners around the world unveil the cashless society which is a necessary and sufficient [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[281,3284,534,7477,558,1389,12325,4318],"class_list":["post-17629","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-europe","tag-larry-summers","tag-monetary-policy","tag-morgan-stanley","tag-negative-interest-rates","tag-nirp","tag-secular-stagnation","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17629"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17629\/revisions"}],"predecessor-version":[{"id":17630,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17629\/revisions\/17630"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}