Dr. Stephen Kinsella:

I made this point in my submission. The only way one can get it to work is if one does something like that but that fundamentally changes the nature of what most people consider money to do. They regard it as a store of value and a medium of exchange. If this thing is not a store of value any more, if things become negative and if when I put my pension into my bank account and I come out less, then one might actually get people to spend more but they certainly will not save more and that will create a problem with investment. It will increase spending in the real economy but it will undermine the trust of the people in the currency and given the current situation, one does not want to do that. The Deputy is entirely correct that the technicalities of it could work perfectly but, on balance, I would keep the trust of the people in the currency.