True. One could argue it's the difference between making money (positive interest), being equal (0) or losing money (negative). But considering that inflation

True. One could argue it's the difference between making money (positive interest), being equal (0) or losing money (negative). But considering that inflation is generally 1-3%, the sub 1% interest rates are already losing money effectively in real terms (the only terms that actually matter). Inflation of course is extremely low these days in most OECD countries. But still, real losses on loans don't start at sub 0% interest rates, they can start at positive interest rates, too. I guess it does mark something peculiar, which is sort of new on this scale. Insane levels of QE that don't lead to any significant inflation, making negative interest rates a somewhat sensible approach. In the past we've seen very low interest rates, too, but usually there was at least some fear of inflation, and at times inflation skyrocketed.