“‘At this stage of a recovery normalized interest rates should be around 2-3%,’ says Rickards. ‘Apply that 2-3%…to the entire multi-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 pay themselves bigger bonuses or make crazy bets.’ Over time, Rickards says, that wealth transfer could reach $1 trillion. Rickards says zero interest rates are just one way the Fed is fleecing depositors. Others include increasing inflation, which Bernanke is trying to do, and taxing deposits like Cyprus is pushing for.”
Jim Rickards: Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke
- Post author:The Freedom Watch Staff
- Post published:March 22, 2013
- Post category:Network Archives
Tags: Alternative News, Bankocracy, Big Lie, CLibertyC, constitutional liberty coalition, economic Trends, Economics, for life and liberty, History Repeating, investment, Middle Class Dismissed, money, Money For Nothing, Resistance, sound money, The Freedom Watch, White Shoe Boys
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