> In another sense, doesn’t the existence of long-term negative interest rates suggest that some people/institutions have more money than they can productively

> In another sense, doesn’t the existence of long-term negative interest rates suggest that some people/institutions have more money than they can productively use? Yes. This is why venture capital is a thing, why it's so easy to get funding for a variety of businesses, and why hedge funds that have very modest returns are popular. > If so, this would seem to be a pretty clear argument for wealth re-distribution in the name of poverty alleviation and reducing economic inefficiency. Inflation is wealth redistribution. By reducing the real value of money, it benefits those who are engaged in economic activity and makes sitting on money a losing proposition. Actual wealth redistribution is a bad idea because it reduces incentives to invest or engage in economic activity and encourages capital flight.