The Global Run On Physical Cash Has Begun: Why It Pays To Panic First

``For now cash is still legal, and NIRP - while a reality for the banks - has yet to be fully passed on to depositors. The bigger problem is that in all countries that have launched NIRP, instead of forcing spending precisely the opposite has happened: as we showed last October, when Bank of America looked at savings patterns in European nations with NIRP, instead of facilitating spending, what has happened is precisely the opposite: "as the BIS have highlighted, ultra-low rates may perversely be driving a greater propensity for consumers to save as retirement income becomes more uncertain."''