USA ZIRP might become NIRP some Savers

[roberth]

Rats, my title is messed up, forgot the word for.......d'oh

From Zero Hedge - http://www.zerohedge.com/news/2014-12-08/nirp-arrives-us-tbtf-banks-tell-customers-move-their-cash-or-be-charged-fees

Back in June, the world was speechless when Goldman's head of the ECB, Mario Draghi, stunned the world when he took Bernanke's ZIRP and raised him one better by announcing the ECB would

send deposit rates into negative territory, in the process launching the Neutron bomb known as N(egative)IRP and pushing European monetary policy into the "twilight zone", forcing savers to pay (!) for the privilege of keeping the product of their labor in the form of fiat currency instead of invested in a global ponzi scheme built on capital market so broken even the BIS can no longer contain its shocked amazement.

http://www.bloomberg.com/news/2014-1...j-reports.html

JPMorgan Chase & Co. (JPM) and Citigroup Inc. are among at least five banks urging big clients in the U.S. to park cash elsewhere as new rules make it onerous to hold certain deposits, the Wall Street Journal reported.

http://www.forbes.com/sites/jeffreyd...netary-policy/

As Keynesian economists and Democrats continue to fret about the imagined lack of demand in the economy, describing our current situation as “secular stagnation,” many are calling for even more extraordinary monetary policies. We already have negative real interest rates at the short end of the yield curve, but some want to consider even negative nominal rates. However, such policies will not stimulate the economy, but are just a backdoor way to accomplish even more income redistribution.

Go to your local bank, look at the savings rates on a 12 month CD, my bank offers .15 percent, meanwhile they charge 15% against your credit card balance. Do banks send you notices about raising your credit card limits, balance transfers, and/or applications for new cards. We used to be a nation of savers, now they're pushing the public to spend discretionary income on credit card payments or place your money with utterly corrupt Wall Street brokers.

https://www.efirstbank.com/products/...-rates.htm#tsa

[Bailey Guns]

You can thank the CARD act for those nice credit card interest rates.

[roberth]

You can thank the CARD act for those nice credit card interest rates.

Our government looking out for us again??

http://www.bankrate.com/finance/cred...ard-act-1.aspx

Over the past year, the Credit Card Accountability, Responsibility and Disclosure Act of 2009, or Credit CARD Act, has rolled out in three major stages. The last batch of reforms recently took effect Aug. 22. Among the numerous new protections for consumers: restrictions on interest rate increases, limits on penalty fees and more time to reject changes in terms.