Easy money will continue to keep real rates (or the T-bill rate less inflation) negative.

FORBES: Toning Down Muscle Memory

Whereas it can indeed, risk free, lend out money at the T-Bill rate.

FORBES: Links 2 March: Apple's Patent Damages Award Slashed. But Why?

Thus, the compensation for having to wait for the money should be that T-Bill rate: the available risk free return.

FORBES: Links 2 March: Apple's Patent Damages Award Slashed. But Why?

The most violent contraction in RGDP occurred during 4Q2008, when the average spread between the 90-day T-bill rate and the IOR rate was the greatest, at -0.83 percentage points.

FORBES: This Economic Recovery Is Surely Different: It's FUBAR*

With the IOR rate far above the 90-day T-bill rate, banks had no incentive to do anything with the huge volume of newly created reserves other than to sit on them, and sit on them they did.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head

Right now, the yield on the 12-month T-bill is .25% and the rate of consumer inflation as purported by the government is about 1%.

FORBES: Why David Tepper Is Only Half Right

While the IOR rate has been constant at 0.25% since December 2008, the 90-day T-bill has fallen from an average of 0.14% in November 2010 (when QE2 commenced) to zero today.

FORBES: We Need QE3 Like We Need A (Jackson) Hole In The Head