[dnautics]

Negative interest rate stimulates borrowing, which is an increase in the money supply, which is inflation. This is precisely the policy mechanism by which it's supposed to work. If you deny that negative interest rates cause inflation, you deny the raison d'être of the negative interest rate.

Rich people are not counting on savings interest to make money. They have investments. For example, land. With negative inflation rate, you encourage mortgage lending, which drives up the price of land, which is great for rich people. Similar careful analysis of what actually rich people do with their money will reveal likewise fashions by which a negative interest rate helps the wealthy.