Anyone knows in what those “targeted corporate cash piles” are currently invested in?

Sir, I refer to Ferdinando Giugliano’s “Corporate cash piles targeted in hunt for growth”, February 10.

It is hard to undersand all the implications of for instance taxing those cash piles, if you do not really know in what those cash piles are currently invested in… because one thing is for sure, that cash is not really cash under some corporate matrasses… Who knows, they could even be invested in public debt at negative rates. And that would of course require a rethink of the whole issue.

If government actions induces the mobilization of all those $3.5tn in cash reserves held by non-financial companies in the world that Giugliano writes about, that sure sounds like a large wave you would want to keep a very close eye on.