[civilized]

A non-negative real yield on cash means its purchasing power never decreases. Is there an objective reason that the purchasing power of cash should never decrease? Negative yields encourage economic activity and discourage hoarding (use it or lose it).

[uup]

That’s the economic orthodoxy. The semiconductor industry has been deflationary since its inception and there’s been plenty of economic activity.

[rightbyte]

Why would you want economic activity for the sake of it. Sounds wasteful.