Monetarist concepts have little place in a modern way world. Bank deposits are insured up to £85k, which means they are as solid and as good as cash. It’s wel

Monetarist concepts have little place in a modern way world. Bank deposits are insured up to £85k, which means they are as solid and as good as cash. It’s well known that negative rates only bind on commercial bank deposits - if at all. Negative rates are just a tax on banks - which they recover by charging more for loans, and paying less for deposits like any other costs.