So says Jeffrey Snider, here:
It cannot be a true capitalist system that is creating negative interest rates throughout the "developed" world since capitalism, at its very core, values capital. Negative interest rates are the very real signal that capital is being destroyed at will. Since this capital destruction is not localized, and does not appear to be temporary, this strongly suggests that some exogenous force (exogenous from the perspective of a system that values capital) is uniformly acting upon the global system in a manner that does not conform to what would fairly be called capitalism. ...
Today's negative interest rates are the prime signal that money is more valuable than capital, a consequence that only monetarism and financial domination could produce willingly. In all those countries experiencing the renewal of the receding economic tide of re-recession (or just continued depression for simplicity's sake) there sits an activist central bank at its modern core. ...
[T]he real economy appears to be fighting back, rejecting money and credit as a workable solution.
