Sitting in a bank where borrowers could access it at a market rate of interest. Alternatively it would be invested in enterprises which generate returns above t

Sitting in a bank where borrowers could access it at a market rate of interest. Alternatively it would be invested in enterprises which generate returns above that market rate. Contrast this to the status quo of negative real rates. Speculative mania, valuations over dividends and FOMO driving investment cycles into increasingly absurd tulip bubbles. Despite increases in productivity, consumer prices continue to increase. Families have two spouses working and less leisure time. There's nothing wrong with deflation. This is the natural result of increased productivity and technological advances.