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Moving into uncharted territory

Widespread negative rates are a Gesellian experiment that may lead to a rethink of money's function

BRIGHT IDEA: If governments will start thinking in earnest about a Gesell tax for everyone, we’ll soon be looking for store-of-value alternatives: jewellery, real estate and whatever else can be hoarded for a rainy day.

IN some parts of Europe, negative interest rates are creating absurd situations. In France, some corporate bonds pay interest to the issuer because they were linked to a benchmark rate that has dropped below zero. In Sweden, Denmark and Switzerland, banks are turning depositors away with threats...

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