Time to consider holding more of your money in cash: The International Monetary Fund said on Sunday that it now supports the idea of imposing negative interest rates on depositor money at some central banks.
In other words, steal the money, placed originally in the banks for safety from theft.
The following quote from the article, however, reveals how truly hopeless the situation really is:
Critics argue that the move to negative rates, especially in Japan where the central bank has failed to ignite growth or shift inflation upwards, are a sign of desperation. What is needed they say is additional government spending instead of more loose monetary policy. In addition, they charge that the move may damage the economy by inflating financial market asset bubbles and squeezing bank profit margins. [emphasis mine]
The idea that more government spending will solve the problem of too much government spending, which is why these central banks are in debt and need to steal the money of the depositors in order to become solvent again, is absurd. That the world’s economic experts can see no other solution, like maybe getting government spending under control so that reasonable taxes can pay the bills, tells us that no reasonable solution will be tried, and that eventually everything is going to crash badly.
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