Chase SavingsSM Interest Rates
BALANCE | RATE | |
|---|---|---|
All Balances | 0.01% |
The
Fed's low interest rate policy is one of the biggest thefts in history. It
is, by giving savers, the thrifty, the conservative, the honest, a return on
savings below the rate of inflation with bank deposits etc, the biggest shift
of money ever in an attempt to reflate the economy.
The result has been patchy at best after four years but the loss of income for
savers is a certainty. This has forced many into the speculative stock market
which has, with ups and downs, given a return. However it comes with anxiety
and uncertainty and could end in tears-the savers after a lifetime of toil,
don't deserve to be treated so callously.
Another
aspect of the Fed's interest rate policy is the distortion in the marketplace it
causes and the possible long term results. That negative results are a near
certainty is in line of course with what happens when the government interferes
in the free market.
"The 0% cost of money makes for a grotesque distortion in asset prices, all of them. Nothing is properly priced. The free money results in, eventually, the rising cost of everything. All categories rise inexorably within the cost structure. Wages do not, thanks to the forfeit of industry to Asia, in particular to China. So the squeeze on capital continues unabated and with ferocity. Capital is killed. By that is meant that marginal businesses and segments of business units within larger corporations will gradually respond to higher costs (equipment, materials, fuel etc."
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