Fintech will have been an obvious bet. Banks and payments, especially, take advantage of an expanding money supply and the accumulation of productivity gains across sectors.

The IRS tax system will crash when it starts processing 1099-INT's with negative values that generate negative tax bills. Banks will similarly have problems when the checks for negative amounts start clearing.

The common argument is that people hunt for yields and capital flows to riskier assets. But if you look at Japan most household assets are still in the form of cash despite -ve rates, few people invest and there is a problem of unproductive cash building up.

Negative interest rates will lead to the nationalization of the banking industry.

Banks charging for deposits = less deposits = less money to lend = credit tightening in the lending markets perhaps?

A true risk-free rate should naturally be negative as there is no such natural supply of it (deflation is natural) and thus is a service to be paid for.

That the Cantillon-Effect will accelerate the radicalisation of politics across the globe even more...

It was "Bait and switch scheme"

Good one. Maybe: Positive real returns aren't enough

Modern monetary theory claims that this is the new normal en.m.wikipedia.org/wiki/Mode…