From the site I wrote:
Swedes are saving more than ever in their newly created (voluntary)
cashless environment. That was not supposed to be how it works. They
should be saving less and spending more because the banks are charging
them interest. That is the goal of negative interest rates, to force
people to spend more so that inflation will bump off zero.
But here is the flaw in that reasoning. The fees the banks charge
retail customers are like a tax. They make the Swedes feel poorer in
their accounts, not richer. So the Swedes do what I predicted. They save
more to make up for the shortfall. They still don't want to hide money
under the mattress, risking the loss of all of it to theft!
The illogical reasoning that people will spend more when you take
their money away from them must have been created by people who have
plenty of spare money. No one else would entertain this absurd reasoning
except for economists and bankers!
Like the Pay Cash Only Movement page: https://www.facebook.com/Pay-Cash-Only-Movement-1486591244977682/
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