Negative interest rates are the increase in the money supply. In Brazil, they say inflation is the ‘IPCA,’ which is 4/5% per year, etc. But the increase in the money supply is over 20% per year. This means any investment essentially results in a nominal and absolute loss of purchasing power. This happens everywhere, of course, some places more than others. My English might not be perfect, as I’m still learning, but I think I explained it well.