Wednesday, February 17, 2016

Negative interest rates is bad news for savers

These guys at the Federal Reserve are academics and bureaucrats; they don’t have a clue, that’s why they work for the government. What good are negative interest rates going to do anybody? They’re having experiments, they’re reading their textbooks – I don’t even know if any textbooks write about such foolishness. They’re coming up with various and sundry ideas, they’re trying them out, and you and I are paying the price. What good would negative interest rates do  – negative interest rates are going to destroy…

[We were taught] to save your money and invest for the future. All of those people who did that are now getting wiped out, whether it’s their pension plan, insurance company or retiree, trust company, whatever it is, they’re all getting wiped out at the expense of people who went out and borrowed staggering amounts of money, who did all the things that we were taught not to do. Now they’re just making it worse. You ask why we have problems, that’s one of the major problems: a massive amount of the world population, and by the way the people that you need, the ones who save and invest, are being destroyed.