@SteveRoth @travisfw @rohan it probably wouldn’t have so much disinflationary effect, because the rich who would hold it would be exchanging inert financial assets for inert currency. it would mechanically reduce the velocity of currency on the denominator side, more currency, same transactions. 1/

@SteveRoth @travisfw @rohan but it would contribute to a kind of smallish wealth tax, as the rich who’d hold these put up with zero nominal, more negative real, returns than they would have otherwise. /fin