Actually, I don't. I would rather see the abolishment of quantitative easing and central bank controlled short term interest rates by eliminating the zero lower bound by introducing a demurrage fee on excessive amounts of liquidity.

Nobody wants that. The latter is indispensable to allow interest rates to fall below zero to allow the economy to unwind when it doesn't want to grow.

Secretly every single human on this planet prefers inflation over negative interest rates due to loss aversion. Everyone thinks they can save money by making negative interest rates illegal. The losses don't disappear, they hust leak into thr economy in the form of inflation. All hail the money illusion, in the money illusion we trust.

Imagine if you were painfully aware of inflation every single year, that your bank account would literally tell you, you lost X dollars from inflation but your salary is automatically adjusted upwards to match inflation. That is what a negative interest rate does and nobody wants that, they want to stick their head into the sand, they want to use inflation as a political tool for their own cause.

Instead, you get this nebulous, creeping feeling that something is going wrong but you don't know by how much. So you just assume the worst and think the government is conspiring against you.

1. They say that the bulk of inflation is imported (energy, food, etc) so raising interest rates makes no difference to inflation (and in fact can push cost of living further)

2. Demand is already crashing.

3. Economy is already contracting.

4. Effects of raisin rates can take 2 years to trickle down

So their estimate is that raising rates too aggressively would make things worse, not better.