NIRP and Safety

We can go where we want to
To a place they will never find
--Men Without Hats

NIRP in Japan and Europe is indeed inspiring more spending. Problem is that the market boom is pretty narrow: safes and safe deposit boxes.

If people can't keep funds in bank deposits risk-free then they'll consider parking money in a personal safe.

Basic ECON 101 stuff, really. Of course, ECON 101 seems to flummox central bankers to no end.