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Negative interest rates on bank deposits are now spreading around the globe. Negative interest means depositors must pay to keep money in the bank.
And if you plan to avoid them by “hoarding” cash, bankers say “think again.”
Martin Sandbu displays the elite’s disdain for savers in his latest Financial Times column:
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You want to take cash out of your account? Be our guest… we will keep track of your total balance of net cash withdrawn and charge you the same interest on that balance as we charge on your deposits… Suppose a new downturn called for radically negative interest rates: minus 5 or 10 per cent… The threat of cash hoarding would be eliminated… banks could make it as costly as holding money on deposit. |
Bottom line: Tom’s urging all PBRG readers to build their cash balances now… before the banking system implements more draconian capital controls. He shares his tips for safe cash storage right here.
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Recommended Links Jim Rickards Issues “Critical Warning #3”…
Jim Rickards just issued a new critical market update. You need to check this out… Jim’s issued this kind of update only twice before in recent history… Both times were about massive changes in the markets. And this change is even BIGGER… See this very short video by clicking here.
WARNING: If You Have a U.S. Bank Account, Read This NOW
The greatest financial threat facing Americans this year isn’t a problem with Social Security. It’s not a stock market crash. And it’s not a ‘currency’ crisis. This threat could be far more devastating. But not 1 in 1,000 Americans is prepared. Here’s what you can do today. |
