Negative rates are a huge transfer of the wealth of savers and real wages to the government and the indebted. A tax on caution. The destruction of the perception of risk that always benefits the most reckless.
Even granting the goals of “meeting people’s needs” and “selflessness” cherished by socialists, a property-based market economy is far superior at meeting those goals in modern civilization compared to a top-down, centrally controlled socialist system.
The 1920 article by Mises is as unknown today by graduate students in economics as it was in 1990, 1950, or 1930. But at least one man in the socialist camp admitted to the New York literati that Mises was right.
Useful goods and services, and the productive resources needed to create useful goods and services, are wealth. Money is not wealth, and creating more money without first creating wealth is a big problem.