What is the opposite of helicopter money?

This is a short follow-up to Monday’s negative rate confusion and prepay-tax option post.

In it we argued two very simple points:

1) Negative rates might very well cause Eonia to go up because they are in fact liquidity contractionary.

2) Negative rates are contractionary because they encourage all of the following: banknote hoarding instead of excess reserves, capital flight (which manifests by means of a depreciating exchange rate which can impact non-depository asset valuations), the prepayment of private tax liabilities, the unwinding of LTROs/MROs, the resale of ECB held bond assets back into the market.