<a href="https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;EXCSRESNS" rel="nofollow">https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;EXCSRESNS</a><p>There is no liquidity problem in the United States.  Bank &amp; large corporate balance sheets are flush with cash.  There is very much a velocity problem.<p><a href="https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;M2V" rel="nofollow">https:&#x2F;&#x2F;research.stlouisfed.org&#x2F;fred2&#x2F;series&#x2F;M2V</a><p>The velocity problem is the intersection of demographic changes (wealth holders are old), corporate tax policies (money is sequestered) and pervasive fear over global economic stability (china).<p>Negative interest rates cannot change any of these factors, and I question if negative interest rates will force the flow of significant funds into commodities, thus reversing the current deflationary spiral.<p>If the USGOV wants inflation create it the old fashioned way... incentivize risk taking.