So his "solution" is NIRP and a cashless society to prevent anyone from escaping paying negative interest rates on their wealth. And use this resource extraction to continue to backstop the $250 trillion of debt in the world. In order words, Summers thinks we are stupid enough to be a dog chasing our tail wherein the excess "capital" is money we are expropriating from ourselves to prop up "capital" that would otherwise evaporate in a contagion of defaults. And then claim this excess capital that we stole from ourselves (via NIRP) is what is causing the excessive market demand for return of capital (aka safe haven) and thus NIRP.

Soc. We shall know better, my good friend, in a little while. The point which I should first wish to understand is whether the [capital] or [money] is beloved by the [1‱] because it is [money], or [money] because it is beloved of the [1‱].