A new term. Fascinating.
"By targeting negative real interest rates (directly and through regulatory steps), policymakers will pursue financial repression that undermines the “real return” contract that savers expect. A variety of social contracts – e.g., health and pension entitlements, as well as unemployment benefits – are already stressed and face even greater strain. And, at the international level, several implicit contracts will be questioned given the gradual erosion in the standing of the public goods supplied by America (including the dollar the reserve currency)."
Mohamed El-Erian, CEO of Pimco, a global investment management firm