Have you actually played out what would happen in your scenario of closing off our currency? As in, what does our country look like in 10, 20, 50, 100 years time? Or do you just want a quick fix to the IRs so savers can get a return in the short term?
Your negative rate scenario is also very unlikely. QE will be used more widely than substantially negative rates. IMO.
So ask yourself, what will more money in the system do? Most likely drive inflation, eventually. Which is the plan. Inflate away the debt.
Will it work? No idea. But if it does, savers are going to be left behind.
Is it the right thing to do? No idea. We will find out in due course.
Would a great recession/depression have provided a better outcome to the majority of the population. IMHO, No, it would not.
Do I and a bunch of HC warriors know better than those making the decisions. Probably not.
