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The ECB's long-standing negative rates policy remains unpopular in a union of chronic high savings (demand deficits) & yield-hungry investors. Here I argue that the ECB must do everything it can to escape its liquidity trap of “negative rates forever” CC @elerianm @VMRConstancio


First, negative rates are a reflection of a problem. Sub-zero arrived in Europe in 2014 in response to a critical problem of policy credibility – the arrival of the zero lower bound for the ECB’s main policy rate in the face of persistently low inflation expectations /thread/ 2/n

Europe, like much of the developed world, had seen a secular decline in the trend real rate even before the Covid19 shock, reflecting ageing populations and slower trend productivity growth - higher hhlds savings demand, lower business demand for capital #ECB #negativerates 3/n

The structural shock of the pandemic only accelerated the processes that began a decade ago with the Global Financial Crisis and the Euro government debt crises, pushing the eurozone trend rate even lower. #ECB #negativerates 4/n

This leaves the ECB facing a symmetric credibility challenge. In normal times, the ECB policy rate will follow the trend rate lower. If expected inflation adjusts to the demand-determined output gap, then the policy rate must fall below the equilibrium rate to bridge the gap. 5/n
Christians have known this was coming. But we must ask ourselves:
1. What is Satan's ultimate goal? His goal besides enslaving mankind, is to sit in God's temple on earth
Where is God's Temple on earth? Hint: It's not in Jerusalem.
2. How will he accomplish this goal?


We know that God has a temple in heaven by reading Revelation 11:19
And the temple of God was opened in heaven, and there was seen in his temple the ark of his testament: and there were lightnings, and voices, and thunderings, and an earthquake, and great hail.

And we know there is no temple in the New Heaven & earth Rev 21:22-23
I did not see a temple in the city, because the Lord God Almighty & the Lamb are its temple. The city does not need the sun or moon to shine on it, for the glory of God gives it light, and the Lamb is its lamp

So where is the Temple Satan wants to sit in?
1 Corinthians 3:16 tells us
“Know ye not that ye are the temple of God, and that the Spirit of God dwelleth in you?”

So how does Satan sit in YOU? How does he control you? How does he accomplish controlling the whole world; every living human on this planet?