It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Warning: Banks Are Seriously Discussing Negative Interest Rates For Normal People's Savings

page: 2
31
<< 1    3  4 >>

log in

join
share:

posted on Oct, 26 2015 @ 09:23 AM
link   

originally posted by: darkbake
Banks make money off of the money we give them to store, that is how a banking system works. It only makes sense that they pay an interest rate to the customer as a payment in return. Forcing negative interest rates is insanely unethical.


This is what confuses me. But then I snap out of it and remember banks don't have ethics.


I know a guy that is holding his kid's mortgages to avoid having his money in a bank. Better interest too.




posted on Oct, 26 2015 @ 10:00 AM
link   

originally posted by: Isurrender73
a reply to: infolurker

Or we could eliminate the central banks and all the imaginary money they created along with the BS debt.

These people are criminally insane. Or insane criminals if you like.

Private Central Banks are the problem. Eliminating them is the solution.


Only 6% of all the money in the world is actually physical currency. The other 94% are electronic transaction bits. Banks would still need digital accounting systems to keep track of transactions. They would have to print out loads of paper currency that no-one ever used. In all probability, they would just make paper one billion IOU's to each other like mobile phone top up vouchers.



posted on Oct, 26 2015 @ 10:26 AM
link   
I have answered this before on ATS, the "Owners of Capital" are betting on the Singularity, Cell Regeneration, Mind-clones and AI to provide their creature comforts in the future. We are approaching an era where the "Owners of Capital" will not need laborers of any kind to live a life of comfort. But, our civilization is not quite there yet, technology-wise, so the "Owners of capital" need to "keep people calm and unsuspecting" until the trigger can be pulled decisively without consequence.

So, what are the possible scenarios that regular folks will experience during this "interim period", while the technology needed to create the Singularity, Cell Regeneration, Mind-clones and AI, is maturing?

Young people are forgetting that this tech can be used VERY effectively to further their indentured servitude.

The "Owners of Capital" will simply extract the little remaining labor wages from the lower classes, by decree, through the implementation of a cashless system. Consumers will not have choices in the future because purchases will be mandatory in some way. Policies structured like Obamacare should have taught us ALL how these kinds of scenarios will play out. Obamacare is merely the test run of how to implement future legislated purchases on a large scale. "Click-Wrap Agreements" coupled with a "cashless society" will make that transition easier for the "Owners of Capital" to force on the general populace.

What do I mean exactly?

Many forget that we now live in what "could" be considered a fascist country, with oligopolies running it behind the scenes. What usually results, is a situation where the "owners of capital", can and will "legislate" mandatory purchases in the future, if revenue does not match their expectations or projections (for the good of the nation of course, i.e., Too-Big-to-Fail).

So for example, if someone chooses not to buy unneeded goods or services, they will simply pay a "penalty" at tax time or some scheme involving a "negative interest rate". The "owners of capital" have, at this point, run out of consumer goods that they can "strongly coerce" people to buy, in order to go to work, such as, gasoline, internet connection, car insurance, bus/subway fare, cell phones, suits/uniforms, soap, deodorant, razors, etc. We are approaching a day when they will simply make it law that you have to buy goods, in certain quantities before tax season (just like the current Healthcare coupled Flexible Spending Account (FSA), except one day we will have an FSA for ALL goods and services, and you can bet those accounts will be "use-it or lose-it"). Also, since you won't be able to own things like the new "digital cars" that are currently being developed, nor will you own the current "digital media" being rented on Hulu, Netflix, etc., means that likely, in the future, you could be billed for "damage to the vehicle or product" from the "real owners of that vehicle or product" at any time.

Regular People will not be allowed to be frugal in the future because the "owners of capital" will take close to the same amount back, when a person tries to save money by reducing purchases, in the form of "tax penalties" or other method (cashless, digital currency, negative interest rate, instant credit to cover shortfalls and deductions from bank accounts whenever the "owners of capital" see fit). A cashless society, dominated by "click-wrap agreements" is the easiest way to structure "forced purchases" into the larger economy. Another scenario that regular people will face in the future, is when someone chooses "not to buy" and then doesn't have the proper "proof of purchase" coupon, etc, to prove they bought these items, in the required quantities, when tax fillings come due. I can guarantee that the IRS or some other agency will have some way to calculate the amount "you should have purchased" (sounds a little like a college FASFA aid forms in reverse doesn't it?). People will also have to pay a monthly fee to keep their digital money in the bank and there won't be any alternative way to store it, without paying the monthly fee. It is an instant, predictable, revenue generator for public companies, that the stock market will then feed off.

Note, bartering used as a circumvention method has been suggested before, but the IRS already has a plan and system in place to deal with it somewhat. They will tax bartering by an estimate, the same way they do for restaurant servers receiving tips. There will likely be HUGE penalties for barter and I will bet EVERYONE will automatically be assumed to have "bartered" some amount over the year at tax time (perhaps an estimated $500 in barter per year, that is taxed whether the person in question did any actual bartering or not). The most likely outcome though, is that one day, bartering will simply be deemed an illegal activity, I don't recall it being a named constitutional right anywhere.

Look at solar roof panels, as another example, many local governments are taxing people for installing them because they reduce dependence on local utilities, which in turn, drives down privatized revenue being collected by the contract companies hired running the utilities.

Millennial's and the generation after them falsely believe tech will save and unite them, when in reality it was designed by "corporate committee" to do just the opposite. The only way to prevent that shift, is for Millennial's to immediately STOP buying such tech, opposing the development of said tech and discouraging others from buying and using it, even if it means using physical force. But, they will NEVER do this because they have drank the cool-aid and are to a certain extent addicted to technology. Think about it, I'm seeing commercials for ordering pizza on a smartphone app, but whats the point, really? To appease Millennial's? Perhaps. But, did this cohort take the time to think about whether it is really more convenient to type an order in on an app, as opposed to calling the order in on a phone? No they didn't AND by using the smartphone app to place a FOOD ORDER instead of a phone, the pizza seller can then become a data broker making money selling customer info.



posted on Oct, 26 2015 @ 10:42 AM
link   
Then there is the issue of behavioral "data simulations" being conducted on citizens by corporations and government for revenue projections. I can guarantee that some people will not be able to be "simulated", due to high levels of inaccuracy in the data that exists on file is collected on them. Some simple examples would be homeless people, old people that don't use credit or the internet, and low wage earners functioning soley on cash, whom use cell phones or have utility bill etc on a relatives account, which their name is not on (I have a brother-in that does all of the above and couch surfs, there's no way a simulation would know anything about him because he has virtually no digital footprint).

Th rub is when these "behavioral simulations" becomes a real part of business revenue projections, directly influencing tax revenue projections and collection methods. These people that "cannot be simulated" will be labeled criminals and put on some kind of supervised probation and forced to adapt habits that can be tracked digitally. I can GUARANTEE this will happen. As I stated above, Millennial's are likely the easiest to simulate already because they have already given away the keys to the castle and have no intention of taking those keys back.

Right now most Americans are expected to and are coerced by employment requirements to buy/finance a car, buy/finance education, buy/finance healthcare, buy/finance insurance and eventually buy/finance a home of some kind.

What do you think the "Owners of Capital" will do when "life-extension", "self-driving car", "robot AI home worker", "AI networked appliances" or "cyborg implant" tech become viable commercial products?

They will simply coerce people to buy it, even if the recipient doesn't want to have the procedure done and the methods used to coerce the general populace in the United States, will not require any additional lobbying or law changes on the behalf of the "Owners of Capital".

Imagine a world where life-extension tech is sold and financed to regular people, over long repayment periods, to people that don't have the ability to pay for it, in cash, up front, similar to a cars, higher education or home mortgages.

Want to opt-out? Sure you have the "choice" to do anything you want. We are a "free country" after all.

Imagine the unfolding of the following fictional scenarios, resulting from a person "choosing" to NOT have the life-extension procedure:

Do you want health insurance? Sorry, but we don't insure people whom have not had the life-extension procedure. However, there is another provider that we can refer you to that will, but that company has both a high deductible and high premium, so as to reduce the coverage risk of your shorter life span, to the provider.

Want to get a job? Sorry, but we don't hire people whom have not had the life-extension procedure, they cost more to insure and are un-insurable in some cases. We don't consider this discrimination, however, because its no different than requiring you to have a car or a driver license for employment with our firm. Especially with the Supreme Court declaring that those refusing the life-extension procedure are not considered disabled, nor are a protected class.

Do you need a credit card or a business loan? Sorry, but we have to charge you a higher interest rate because our actuaries have found that people whom have not had the life-extension procedure are a higher risk, have higher unemployment rates and have lower profit margins, due to a shorter life expectancy.

Do you need a bank account or cell/internet/communication service plan? Sorry, but we don't open accounts to people whom have not had the life-extension procedure, they cost significantly more to service, due to not being plugged directly into the system.

Again, as I said above, this mandatory purchase strategy will not be limited to " life-extension tech". Just replace the word "life-extension procedure", in my above example, with the word "self-driving car", "robot AI home worker", "AI networked appliances", "Cell Regeneration" or "cyborg implant" and the result is the same for the regular person.

Last, "Private Cities" owned by corporations, will be exempt for labor and civil laws. The rally to create this cities will be done to lower human labor costs before the Singularity, Mind-clone and AI tech fully take over, rendering regular people back to old indenture servant system that used to exist in the USA.

Want to get a job in a "Private City"? Sorry, but we don't hire people whom have not financed the life-extension procedure and/or do not have an AI car or home worker".

In a "Private City" the "Owners of Capital" can make ANY RULES THEY WANT, without "due process" or pesky "labor laws" getting in the way.



posted on Oct, 26 2015 @ 11:01 AM
link   
You can't hardly blame the banks. The feds set the interest rates so low that you can't make any money on loans



posted on Oct, 26 2015 @ 11:31 AM
link   

originally posted by: Bluntone22
You can't hardly blame the banks. The feds set the interest rates so low that you can't make any money on loans


You must be from a different universe last time i looked those banks were making billions PER QUARTER not per year



posted on Oct, 26 2015 @ 11:47 AM
link   

originally posted by: stonerwilliam

originally posted by: Bluntone22
You can't hardly blame the banks. The feds set the interest rates so low that you can't make any money on loans


You must be from a different universe last time i looked those banks were making billions PER QUARTER not per year


When you say "making". Are you talking revenues or profits?
Also have you or anybody close to you worked in lending or banking. And I dont mean as a teller, I mean processing loans.



posted on Oct, 26 2015 @ 11:58 AM
link   
Wait, people actually make appreciable money via the interest on their savings accounts? Last time I checked, I had like a .1% rate or something similarly insane.

The way I see it, we give them our money to "hold onto" -- when they really turn around and invest that money to make more. When we come knocking, we assume and hope they have the cash on hand to give it back. If anything, they ought to be giving us MORE in interest for allowing them to invest our money while we aren't using it.

EDIT: *sigh* And yes, I've worked for a bank before.
edit on 26-10-2015 by MystikMushroom because: (no reason given)



posted on Oct, 26 2015 @ 12:08 PM
link   
a reply to: MystikMushroom

If you have worked in lending then you should know how it works.
$10,000 car loan at 2.49% for 60 months.
Total of $645.77 interest paid at the end of the loan.
That's $129.00 per year.
That's about $18 per month.
Where is the unreasonable part?



posted on Oct, 26 2015 @ 12:26 PM
link   
a reply to: Bluntone22

I don't know anyone who gets 2.49% on an a savings account...last I saw it was hovering around 1% tops. It also depends on how the interest is calculated. Is compounded monthly, quarterly?

The fact is, we're giving money to a bank for "safe keeping" -- in reality the bank takes that money and uses it to loan to other people and make more money. We allow banks to operate in the black and make a profit by giving them our money.
edit on 26-10-2015 by MystikMushroom because: (no reason given)



posted on Oct, 26 2015 @ 12:36 PM
link   
a reply to: MystikMushroom

I said the 10k loan was at 2.49 interest rate.
Savings are paying about 1/2 percent.
Leaving the bank with 2 percent to operate.



posted on Oct, 26 2015 @ 12:37 PM
link   
There are several issues. The first is the regulations have basically made it impossible for small banks to survive. This is why banks keep consolidating into megabanks as this is the only way they can afford the operational burden of the regulations. The other issue is that rates are so low, that the traditional banking model is not generating much by way of revenue especially relative to the amount of oversight/regulations involved. Banks have to search for higher yields elsewhere - gambling on Wall Street, etc.

Banks would love to raise interest rates but they can't as the Fed has painted itself into a corner. The minute they raise rates it is game set match. All the state debt, government debt, and a lot of consumer debt starts to become unaffordable.

It is a very complicated problem and it goes beyond simple conspiracy theories about wanting to get rid of cash (yes, there is some truth to that...).



posted on Oct, 26 2015 @ 12:37 PM
link   

originally posted by: Bluntone22

originally posted by: stonerwilliam

originally posted by: Bluntone22
You can't hardly blame the banks. The feds set the interest rates so low that you can't make any money on loans


You must be from a different universe last time i looked those banks were making billions PER QUARTER not per year


When you say "making". Are you talking revenues or profits?
Also have you or anybody close to you worked in lending or banking. And I dont mean as a teller, I mean processing loans.


That was profits they were declaring , but we can only guess what they spent on staff at the office party , and no none of my family are in banking - pity

www.bbc.co.uk...

Santander reported net profit for the July-to-September quarter of €1.6bn ($2bn; £1.25bn
edit on 26/10/2015 by stonerwilliam because: (no reason given)


Barclays reported adjusted profits in the three months to the end of June fell to 1.7 billion pounds from 1.8 billion a year ago.

uk.reuters.com...
edit on 26/10/2015 by stonerwilliam because: (no reason given)



posted on Oct, 26 2015 @ 12:53 PM
link   
What kind of "illegal economic activities?" The banks are the biggest thieves on the planet, maybe they should look there first. If you never have all that much money in the bank anyway, make one trip and leave enough in to keep the account open for your next direct deposit and save your gas going to an ATM or bank, the interest rate you gets not worth multiple trips, and don't worry about the "Burglars" unless your somehow too stupid to keep your mouth shut about where you keep your money, their usually in and out with your T.V. or laptop. Finding a safe place for something as big as paper money can't be all that hard. Maybe if enough "little savers" did this it might help put the crunch on them and save you some cash. If they don't want to play fair and give you a decent interest rate, give them less of your money to get rich on.



posted on Oct, 26 2015 @ 01:18 PM
link   
So banks are complaining about people hoarding money?

...I just don't know what to say.



posted on Oct, 26 2015 @ 01:26 PM
link   
From the article in the OP


But inflation is nowhere to be seen. The price of oil has fallen dramatically, making anything that requires fuel cheaper.


OH REALLY. THEN WHY HAVE PRICES HAVEN'T GONE DOWN?!

Maybe prices haven't inflated in 6 months but nothing went down.

Seriously, f*** this economic system. Down with the heads of those shameless motherf***ers.



posted on Oct, 26 2015 @ 03:13 PM
link   

originally posted by: Isurrender73
These people are criminally insane. Or insane criminals


You are absolutely correct



posted on Oct, 26 2015 @ 03:34 PM
link   
a reply to: boohoo




I have answered this before on ATS, the "Owners of Capital" are betting on the Singularity, Cell Regeneration, Mind-clones and AI to provide their creature comforts in the future. We are approaching an era where the "Owners of Capital" will not need laborers of any kind to live a life of comfort


I am surprised your analysis hasn't received more stars, very prescient



posted on Oct, 26 2015 @ 03:43 PM
link   

originally posted by: MystikMushroom
Wait, people actually make appreciable money via the interest on their savings accounts? Last time I checked, I had like a .1% rate or something similarly insane.


Interest rates used to be much higher, it goes hand in hand with inflation and what the banks are allowed to do with the money in the accounts.

Anyways, negative interest rates don't really do much. People including businesses will shift the money into things that don't lose value. For example, if you're running a small business like the coffee shop I'm sitting in and typing this you would prefer to do business with your customers on credit so that you can give them a small financing charge, and hold onto IOU's that don't depreciate, rather than dollars that do.

Depending on a negative rate, I as an individual will also be more likely to operate on credit rather than debit. If my interest rate on credit is lower than my negative savings rate, carrying a credit balance and dumping all of my money into paying a credit card (with my "savings" being the credit limit) becomes more desirable.



posted on Oct, 26 2015 @ 03:47 PM
link   
a reply to: theMediator


from www.forbes.com...

If You Want To Know The Real Rate Of Inflation, Don't Bother With The CPI


Why does the government want low inflation numbers?

The CPI is tied to the incomes of about 80 million Americans, specifically: Social Security beneficiaries, food stamp recipients, military and federal Civil Service retirees and survivors, and children on school lunch programs. The higher the CPI, the more money the government needs to spend on these income payments to keep pace with the cost of living. However, this same government is about $17 trillion in debt. If the CPI is low, the less money the government needs to spend on cost of living adjustments, something seniors are astutely aware of.

The government has a few resources at its disposal to manipulate the CPI. First, the Bureau of Labor Statistics operates under a veil of secrecy. The raw data used to calculate the CPI is not available to the public. When I asked why, I was told “so companies can’t compare prices.” This makes very little sense because companies can easily compare prices with data openly available on the internet. It also makes it impossible to audit their findings. Additionally, over the past 30 years, the government has changed the way it calculates inflation more than 20 times.



new topics

top topics



 
31
<< 1    3  4 >>

log in

join