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NIRP Has Failed: European Savings Rate Hits 5 Year High

Thursday, October 13, 2016 16:48
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(Before It's News) / by Tyler Durden / Oct 13, 2016 2:48 PM

One year ago, when it was still widely accepted conventional wisdom that NIRP would “work” to draw out money from savers who are loathe to collect nothing (or in some cases negative interest) from keeping their deposits at the bank, and would proceed to spend their savings, either boosting the stock market or the economy, we showed research from Bank of America demonstrating that far from promoting dis-saving, those European nations which had implemented NIRP were, “paradoxically”, also observing a jump in their rate of savings.

In what arguably was the first shot across the bow of conventional economic wisdom, BofA first admitted something which at least to its own conventional sensibilities, was quite amazing: NIRP is achieving the opposite of what it was meant to achieve.


The post NIRP Has Failed: European Savings Rate Hits 5 Year High appeared first on Silver For The People.

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