Economist Martin Armstrong warned this week that banks in the US will soon start charging you for deposits.
This comes in the form of negative interest rates. Yesterday, the European Central Bank became the first central bank in history to cut main interest rates to negative. And they will likely pass this cost onto customers in the form of a ‘maintenance fee’.
“In the USA, we are more-likely-than-not going to get the negative rates directly passed to consumers by the banks who will claim it is the Fed who will do so at the requests of the banks. Larry Summers has set the stage. This is just how it works. He flew the balloon to get everyone ready. This is likely to be bullish for the stock market,” writes Armstrong.
“The talk behind the curtain is to impose negative interest rates on the consumer,” he added.
And you thought you were doing the banks a favor by putting your money in their vaults.
No, soon it will be considered that they are providing you a service by holding your money for you so they can make money off your money.
Sound like a good deal?
In the week that the European Central Bank cut its deposit rate for banks from zero to -0.1%, economist Martin Armstrong warns that negative interest rates are coming to the United States, meaning that Americans will be forced to pay just to keep their money in the bank.
In a move described as unprecedented, the ECB became the first central bank in history to cut any main interest rate to negative yesterday, part of a package of measures designed to encourage banks to provide more loans to businesses and households. Many view the policy as a desperate sign of Europe’s faltering economic recovery.
Critics claim that the action will do little to spur growth while threatening to cause inflation and unemployment. While banks in the EU have not indicated whether or not the costs will be passed on to consumers, the New York Times’ Neil Irwin asserts that this is inevitable.
“Banks will most likely pass these negative interest rates on to consumers, or at least try to. They may try to do so not by explicitly charging a negative interest rate, but by paying no interest and charging a fee for account maintenance,” he writes.
What about Americans? Will they also soon be charged by the bank simply for depositing their own money? Yes, according to economist Martin Armstrong.
Armstrong, who is noted for calling the 1987 economic crash to the very day, warns that U.S. banks are preparing a raft of new account fees that will serve as a de facto negative interest rate.
Screw the banks!!!!!!!!!!!!
well its time to clean out bank account
PUT IT ON OBAMA AND WASHINGTON THEY ARE THE $#%&!@*S THAT DID THIS BUY SPENDING MONEY LIKE WATER IT”S NOT THERE”S SO BLOW IT AMERICAN”S WILL PAY.
BULL$#%&!@*
This is just a “trail balloon” prior to the Congress passing a IRS?”law” to tax each transaction of any amount of money that goes thru ANY financial institution. Ie: Paychecks via direct deposit, Soc Sec checks, any withdrawals , ATM activities, EVERY financial transaction every time at 1% (proposed, which is just bull$#%&!@* code for “for now”) It’s coming unless we, the people< are aware and DO SOMETHING ABOUT IT!!!
GREEDY MOTHERF*CKERS. IN JULY IT ALL CHANGES IT WILL BE THE FIRST IN A SERIES OF MONEY CHANGES TO COME. TAKE YOUR LIQUID ASSETS OUT OF THE BANKING ESTABLISHMENTS NOW BEFORE THE DO IT FOR YOU. DO NOT TRUST WHAT THE BANKS TELL YOU,THEY WILL NOT TELL YOU WHAT I AM TELLING YOU IS TRUE . THEY WILL TELL YOU YOUR MONEY IS INSURED THAT IS PURE BULL$#%&!@*. OVERNIGHT YOU CAN BE BROKE.
Most all payroll checks are direct deposited now. This isn’t going to go over well.
wait till july when the economic reset comes into effect!!
no
What we need in The United States of America is a bill called the Treason Act. It would be used to control our politicians and political parties. It would define what treason is and would have to be signed by the politicians before they could hold any position in office. It should have the definition of treason and also the penalties. The penalties should not be limited to death. It should include all the money that the treasonous person including their family and extended family members have acquired in their lifetime in this country or any other country, including any and all properties such as stocks, bonds, corporations and any financial holdings. The definition of treason should include noncompliance of the Constitution, anything that hurts any citizen who is unable to take care of themselves due to age or sickness. I’m sure that if this bill was created to control and make our politicians accountable we would have a better country. This is just an idea to help make this country better. I’m sure that there are many other American citizens who could add even more to this. It would be used to protect all American citizens from corrupt, immoral politicians who take money or gratuities from corporations, private individuals and or other governments. This should be a requirement for all elected politicians only. If you have any ideas or thoughts pass this on or add to it. Thank you.