The War Against Savers

I've heard Max Keiser mention before that there is no capitalism without capital and there is no capital without savings.

But I've never fully appreciated the importance of this until I listened to this clip from his weekly radio program on GCN, where he states that the Federal Reserve loans money to banks at 0% because the banks were in trouble but lends back to the government at 3%, which amounts to a free 3% for bankers. Max says this is a transfer of wealth from prudent savers over to speculators.

And Stacy Herbert points out that it is now official Bank of England policy to take money from the savers because they refuse to spend.