How Central Banks Steal From Savers
This chart is an incredible disgrace and illustrates how conservative savers, especially seniors, have been robbed by the central bankers. Christine Lagarde’s recent comment fueled our ire,
We should be happier to have a job than to have our savings protected – ZH
And she was talking about nominal rates! If the central bankers continue to destroy savings, nobody is going to have a job.
Real CD Yields
The chart below hardly reflects the “greatest economy ever.” It illustrates and asset-driven economy addicted to negative real interest rates and easy money.
The Fed, bowing to political pressure, pushes short-term rates lower hoping to turn that 70-year old pensioner relying on her marginal interest income to pay for 18-holes at the local muni, into a stock jockey to keep the S&P afloat at its historical valuations.
Yes, it’s hypobole, but we are trying to make a point, comrades.
This is nutz. This is super nutz!
Source: https://global-macro-monitor.com/2019/11/14/how-central-banks-steal-from-savers/
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