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.
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“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