Chuck --

Many thanks for reading. I agree there's not much that's precedented going around. I joked on twitter the other day that I wasn't sure what these "interest rates" I keep hearing about were, and there's a lot of truth to that. My career began in 2006, after all.

But I do think this is something of an inflection point. Previously rates were just abnormally low, but to push through this lower bound central banks would need to clamp down further on money is stored and transmitted. The plan to tax excess reserves necessitates incremental regulation requiring that those reserves can't be distributed to shareholders instead of used for lending, for example.

So I agree with you that this is more of the same, but perhaps it's so much more of the same that it's a different thing? Anyway, thanks very much for reading. Cheers.

Will