Oh great: Keynesians have rediscovered the medieval seigniorage trick of "crying down" the currency. Two IMF economists propose to penalize cash hoarding, in order to enable deeply negative nominal interest rates, by progressively devaluing cash in terms of the unit of account. Your "$100 bill"? Sorry, it's only worth $97.44 cents at the bank this week, $97.42 next week. Cleverer and more diabolical than the usual "war on cash" proposal to ban large-denomination notes. To make it effective, any country that goes this way will want to ban the escape hatches offered by gold and cryptocurrency.
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