Two points: First, the economic logic of negative rates is actually to try to incentivize the private sector to create more debt. This isn't completely absurd.

Two points: First, the economic logic of negative rates is actually to try to incentivize the private sector to create more debt. This isn't completely absurd. Slow economic growth quite often boils down to a lack of spending. One way to get more spending is by having the private sector take on more debt. I think this is a bad idea, considering how the global financial crisis was caused by too much private debt in the first place. It would be better to increase public debt, at least in countries with monetarily sovereign governments, since there is no risk of default and the financial chaos that goes with it. Second point: I've been hearing voices against cash since before negative rates became a thing. So while they're certainly a factor, they're far from the only one.