Negative rates also destroy the stability of pension and insurance funds.

If negative rates cause the next crisis by distorting capital allocation and encouraging unmanageable levels of debt, central bankers will discover that the real danger is to them personally. 

 The whole idea that they are politically independent good guys will come tumbling down.

 Merryn Somerset Webb FT 4 October 

 The writer is editor in chief of MoneyWeek


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