Should You Save Your Money or Hide It Under The Mattress?
Bill Sardi / LewRockwell.com
Recently a woman in Sydney, Australia unwittingly baked her family’s entire life savings ($15,000 of Australian dollars) that her husband placed in the oven for safekeeping after selling an automobile for cash. While your banked money isn’t being burnt to charcoal like this woman in Australia, due to hidden inflation, most Americans should consider their money has been placed in an oven and the temperature set on “slow bake.”
Oh, there are a lot of articles planted by the banking industry urging Americans to save more, but all that Americans are doing is recapitalizing their banks for free while experiencing erosion in the value of their banked money. In fact, American banks are so audacious in their back-door robbery of your money that they are rewarding their stockholders with dividends while depositors experience hidden decay of their life savings.
In case you hadn’t noticed, most American banks are paying less than 1% interest on savings accounts in the face of a nine-times-higher rate of inflation. Oh Mr. Ben Bernanke, chairman of the nation’s central bank – the Federal Reserve – says inflation this year (2012) will fall between 1.2 and 1.7 percent, under its 2.0% target rate. The nation’s news media allows this bearded sage of finance to get away with this propaganda.
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