One of the truly mind-boggling absurdities in modern finance has been the creation of ‘negative interest rates’ around the world.
Negative interest rates are particularly prominent in Europe.
Starting back in 2014, the European Central Bank (ECB) slashed its main interest rate to below zero.
One bizarre effect of this policy is that some banks have passed on these negative interest rates to their retail depositors.
This trend has persisted across Europe, Japan, and many other parts of the world.
Yet at least Americans were able to breathe a sigh of relief that negative interest rates hadn’t crossed the Atlantic.
Well, that’s not entirely true.
Recently I was reading through Bank of America’s most recent annual report; it’s filled with some shocking facts about the -real- level of wealth in the Land of the Free… which I’ll tell you more about next week.
This post was published at Sovereign Man on August 25, 2017.