The notion of pension funds holding cash in bank vaults sounds remarkably like the idea of people keeping their money under the (proverbial) mattress. China’s economy (for example) is strong, in part because they have a strong asset base. A large part of that base is state-owned enterprises. Sort of answers the question:
It does seem that we’ve been steadily white-anted.
The EU Central Bank has cut the official interest rate to a new negative level of -0.5%. There is some talk that this will cause the US Fed Reserve to also consider cuts. This will increase pressure on the RBA to also cut rates more quickly and perhaps down to 0%.