Central banks — and central bankers — are in uncharted waters. They don’t know how to create economic growth, they don’t know how to fight the great bogeyman of deflation, they don’t know how — or if — they’ll ever be able to return to a time of “normal” monetary policy. Their pretense of knowledge, of being able to effectively control currencies used by billions of people, is coming to an end. But it’s not just an academic issue — all of us are affected by the possibility of negative interest rates, prohibitions on cash, and bank bail-ins. Will you be able to get cash out of your bank or money market account if the economy suffers another crash? Will governments force us into cashless, digital-only payment systems, tracking our every purchase & creating black markets in the process? Will you have to pay your bank, in the form of negative interest rates, for the privilege of holding your money? And will your deposits take a haircut if your bank suffers losses from its bad loans? .. 19 minutes

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