The ECB Negative Rate Is A Dud

``without any actual deposits, the move is empty, meaningless, showmanship, sleight of hand. There was a time when it made sense for banks to park reserves at the central bank, but that time is long gone, since banks don't have to be afraid of each other's hidden debts anymore. Not because those debts have disappeared , but because governments and central banks are now on the hook for them... From the $800 billion in deposits in early 2012, perhaps $10 billion or so is left. Chump change.''