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Thread: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

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    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke
    By Bernice Napach | Daily Ticker – 3/21/2013
    “Nobody is stealing more money from bankdepositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke'sdoing that, Rickards says, by maintaining interest rates near zero.

    Related: There are No Bubbles, QE is Working

    “At this stage of a recovery normalized interestrates should be around 2-3%,” says Rickards. “Apply that 2-3%…to the entiremulti-trillion-dollar deposit base of the United States of America and that’s a$400-billion per year wealth transfer from savers to bankers so they can paythemselves bigger bonuses or make crazy bets.” Over time, Rickards says, thatwealth transfer could reach $1 trillion.

    Rickards says zero interest rates are just oneway the Fed is fleecing depositors. Others include increasing inflation, whichBernanke is trying to do, and taxing deposits like Cyprus is pushing for.“Bernanke is stealing more money from depositors than Cyprus is... lootingeveryday Americans—teachers, firemen and retirees,” says Rickards.
    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke | Daily Ticker - Yahoo! Finance

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Thank you for posting this. I agree 100%.

    Quote Originally Posted by katsung47 View Post
    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke
    By Bernice Napach | Daily Ticker – 3/21/2013
    “Nobody is stealing more money from bankdepositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke'sdoing that, Rickards says, by maintaining interest rates near zero.

    Related: There are No Bubbles, QE is Working

    “At this stage of a recovery normalized interestrates should be around 2-3%,” says Rickards. “Apply that 2-3%…to the entiremulti-trillion-dollar deposit base of the United States of America and that’s a$400-billion per year wealth transfer from savers to bankers so they can paythemselves bigger bonuses or make crazy bets.” Over time, Rickards says, thatwealth transfer could reach $1 trillion.

    Rickards says zero interest rates are just oneway the Fed is fleecing depositors. Others include increasing inflation, whichBernanke is trying to do, and taxing deposits like Cyprus is pushing for.“Bernanke is stealing more money from depositors than Cyprus is... lootingeveryday Americans—teachers, firemen and retirees,” says Rickards.
    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke | Daily Ticker - Yahoo! Finance

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Bernanke is a crook. The most ironic thing of all of it is the statists who complain about the rich screwing the country wholeheartedly support the federal reserve.
    Quote Originally Posted by LowDown View Post
    I've got to say that it is shadenfreudalicious to see the rich and famous fucquewads on the coast suffering from the fires.

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    I've loved the .1% on my savings account.

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    what of bernake's actions/inactions would you have done differently?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Quote Originally Posted by Samhain View Post
    I've loved the .1% on my savings account.
    Yea and why do you think the Cyprus banking industry was so popular?... they had 2+% savings rate there.
    PeteEU

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Quote Originally Posted by katsung47 View Post
    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke
    By Bernice Napach | Daily Ticker – 3/21/2013
    “Nobody is stealing more money from bankdepositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke'sdoing that, Rickards says, by maintaining interest rates near zero.

    Related: There are No Bubbles, QE is Working

    “At this stage of a recovery normalized interestrates should be around 2-3%,” says Rickards. “Apply that 2-3%…to the entiremulti-trillion-dollar deposit base of the United States of America and that’s a$400-billion per year wealth transfer from savers to bankers so they can paythemselves bigger bonuses or make crazy bets.” Over time, Rickards says, thatwealth transfer could reach $1 trillion.

    Rickards says zero interest rates are just oneway the Fed is fleecing depositors. Others include increasing inflation, whichBernanke is trying to do, and taxing deposits like Cyprus is pushing for.“Bernanke is stealing more money from depositors than Cyprus is... lootingeveryday Americans—teachers, firemen and retirees,” says Rickards.
    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke | Daily Ticker - Yahoo! Finance
    I don't disagree with anything you've said here but it must be remembered that significantly large parts of the population in North America hold significant debt, much of it in housing related to mortgages and lines of credit etc., plus auto debt, credit card debt and others. A rise in interest rates in a struggling economy could send millions into unsustainable financial circumstances.

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Just a stupid question which of the two parties do we elect who will actually do something about problems in our overly corrupt banking system? The way I see it in the past 32 years we have had 8 years of reagan, 4 years of bush Sr., 8 years of clinton, 8 years of bush jr., and 4 years of Obama going on 8. Not to mention congressional shifts back and forth during those times yet the only thing we have gotten is consistent deregulation which allows for things like this to happen. Actually stopping this would require regulation which conservative capitalists think is horrible, and liberals just seem to do as effectively as a camp counselor at crystal lake. So the two sides have created a fight over this which neither side is actually working on solutions, they are just working on the fight and letting the BS go on and on and on. And we have the third party, libertarians, and the fourth party of tea who both want smaller government and few regulations so that does not help.

    The solution is somewhat simple, but relatively impossible. Somehow you would have to get enough politicians in at the federal level who had the know how to fix the system, and the lack of ties to big money to get it done. Since the people who have the knowhow are also the people who tend to make the system, and the ones who fund the candidates i don't think there is much chance of that happening. not to mention the reality that most people are so caught up in the fight they don't care about solving the problem as long as they get to blame the other guy on their news commentary media. The great people who talk about rising up in revolt with their guns really are not going to ever do anything on that end either. So are there any real suggestions aside from elect "insert party here" despite the reality that party is an integral part of the problem?

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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Quote Originally Posted by tererun View Post
    Just a stupid question which of the two parties do we elect who will actually do something about problems in our overly corrupt banking system? The way I see it in the past 32 years we have had 8 years of reagan, 4 years of bush Sr., 8 years of clinton, 8 years of bush jr., and 4 years of Obama going on 8. Not to mention congressional shifts back and forth during those times yet the only thing we have gotten is consistent deregulation which allows for things like this to happen. Actually stopping this would require regulation which conservative capitalists think is horrible, and liberals just seem to do as effectively as a camp counselor at crystal lake. So the two sides have created a fight over this which neither side is actually working on solutions, they are just working on the fight and letting the BS go on and on and on. And we have the third party, libertarians, and the fourth party of tea who both want smaller government and few regulations so that does not help.

    The solution is somewhat simple, but relatively impossible. Somehow you would have to get enough politicians in at the federal level who had the know how to fix the system, and the lack of ties to big money to get it done. Since the people who have the knowhow are also the people who tend to make the system, and the ones who fund the candidates i don't think there is much chance of that happening. not to mention the reality that most people are so caught up in the fight they don't care about solving the problem as long as they get to blame the other guy on their news commentary media. The great people who talk about rising up in revolt with their guns really are not going to ever do anything on that end either. So are there any real suggestions aside from elect "insert party here" despite the reality that party is an integral part of the problem?
    The FED interest rates have never been regulated, except by the FED itself. Why don't you stop drinking the kool-aid for a minute, for crying out loud.
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    Re: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke
    no kidding. you should have seen the interest on the money I've managed to save in the past five years or so. the account is significant. the interest? not enough to buy a fifth of anything. I have to move that money soon, because it's almost an insult.

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