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The Broader View: The Positive Effects of Negative Nominal Interest Rates



source: https://blog-imfdirect.imf.org/2016/04/10/the-broader-view-the-positive-effects-of-negative-nominal-interest-rates/

Are there limits to the use of negative policy rates?
The use of negative policy rates may have its limits—both in terms of the extent to which central banks can set rates at negative levels and the length of time they can remain negative. Individuals and corporates could substantially increase the use of cash as a store of value—and even as a means of payment—if rates are expected to be substantially negative and for a long time. Indeed, so could banks: instead of working balances held at the central bank to cover interbank transactions, banks could hold vault cash for settlement between each other.
#iwf #news #banksters #finance #money #economy #crisis #politics #future

iMFdirect - The IMF Blog: The Broader View: The Positive Effects of Negative Nominal Interest Rates (iMFdirect)

By Jose Viñals, Simon Gray, and Kelly Eckhold Versions in: عربي (Arabic), Deutsch (German), 日本語 (Japanese), and Español (Spanish) We support the introduction of negative policy rates by some centra…
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#good #news

World Says YES to #Cash

THE WORLD SAYS YES TO CASH!

Good news on the #banksters' #Orwellian push for a #cashless #world:

#Guardian: #German plan to impose limit on cash transactions met with #fierce #resistance

http://www.theguardian.com/world/2016/feb/08/german-plan-prohibit-large-5000-cash-transactions-fierce-resistance

“It would be fatal if citizens got the impression that cash is gradually taken away from them.” -- Bundesbank President Weidman.

"In Germany, such measures clash with deeply engrained habits and #social attitudes. According to a recent Bundesbank study, 79% of payments in #Germany are made in cash – compared with only 48% in #Britain. Even among 14- to 24-year-olds, two-thirds say they prefer paying in cash to electronic means. In a YouGov survey, 72% of Germans said they considered it safer to pay in cash."

As #War on Cash #Escalates, Cash #Lovers Fight Back

http://wolfstreet.com/2016/02/18/war-on-cash-escalates-cash-lovers-fight-back-germany-japan/

"Germany’s neighbor to the south, #Austria, has similar reservations about the #EU’s plans to #suppress cash. The Deputy #Economy Minister Harald Mahrer recently said that #Austrians should have the constitutional right to #protect their #privacy."

“We don’t want someone to be able to track digitally what we buy, eat and drink, what books we read and what movies we watch,” Mahrer said on Austrian #public #radio station Oe1. “We will fight everywhere against rules” including caps on cash purchases, he said.

"Meanwhile, in tech-obsessed #Japan, the country that first popularized mobile wallets and smartphones, cash is king. It is offered and excepted reverentially even when paying for groceries. Every ¥10,000-note is treated with utmost care. As a rule, they’re pristine. Demand for cash remains solid, to the increasing consternation of global credit card companies. In a 2013 report, MasterCard estimated that 38% of the total value of the country’s retail transactions were in cash. That’s almost twice the rate in the U.S. and five times the rate in #France."

#Greek #Attempt To #Force Use Of #Electronic #Money Instead Of Physical Cash #Fails

http://www.zerohedge.com/news/2016-02-21/greek-attempt-force-use-electronic-money-instead-physical-cash-fails

"The #government has told taxpayers that they will have to spend up to a certain amount of their incomes via bank and card transactions in order to qualify for an annual tax-free exemption."

"Greek businesses are not ready for the expansion of #plastic #money through the compulsory use of credit and debit cards for everyday transactions....an estimated half of all businesses do not have card terminals. "

In the United States Cash Continues to Play a Key Role in Consumer Spending: Evidence from the Diary of Consumer Payment Choice

http://www.frbsf.org/cash/publications/fed-notes/2014/april/cash-consumer-spending-payment-diary

"Evidence from the Diary of #Consumer Payment Choice (DCPC), conducted in October 2012 by the Boston, Richmond, and San Francisco Federal Reserve Banks suggests otherwise. Not only is cash a very different payment instrument than checks, but consumers choose to use cash more frequently than any other #payment instrument, including debit or credit cards. Cash plays a dominant role for small-value transactions, is the leading payment instrument for many types of purchases, and stands as the key alternative when other options are not available."

"In October 2012, the average American consumer had 59 transactions, including purchases and bill payments, and 23 of these 59 payments involved cash."

German plan to impose limit on cash transactions met with fierce resistance

Proposals to ban payments above €5,000 have been condemned in country where 79% of transactions are in cash
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Trickle down working!: Richest 1% Will Have More Wealth Than Remaining 99% By 2016: Oxfam Study



The richest one percent of the world’s population will have more wealth than the remaining 99 percent by next year, charity group Oxfam said, in a report published Monday. The report, which warns of a widening gap between the world’s richest and the rest, comes ahead of this week’s annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.



http://www.ibtimes.com/richest-1-will-have-more-wealth-remaining-99-2016-oxfam-study-1787200

#inequality #equality #socialism #capitalism #communism #democracy #fascism #systems #economy #99% #1#%
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The Mechanics Of A Free Society



(Not the one we are living in.)

"Most people who have given any consideration to a moneyless, 'free world' society are already aware that we have the technology today to create a world of abundance without the constraints and inequality of the traditional market system, owing to how much human labour can now be efficiently automated.

[..]

In my opinion, this kind of super-advanced “Star Trek” moneyless society is still quite a distance away – not because we lack the technology – but because we humans lack the openness and understanding required to make it work."

http://freeworlder.org/blogs/item/81-the-mechanics-of-a-free-society

#socialism #free #society #Freeworlder #StarTrek #moneyless #CapitalismMustGo #poverty #FreeMarket #economy #human #technology #labour #automation #robotics #greed #money #democracy #liberty

Freeworlder.org - The Mechanics Of A Free Society

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Replace bitcoin by uCoin, a decentralized network of open and Universal Basic Income crypto-currencies



#uCoin #music #evolution #blockChain #Science #cryptoCurrency #economy

uCoin project

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"If you lived through all this, and disliked capitalism, it was traumatic. But in the process technology has created a new route out, which the remnants of the old left – and all other forces influenced by it – have either to embrace or die."

http://www.theguardian.com/books/2015/jul/17/postcapitalism-end-of-capitalism-begun

#capitalism #postcapitalism #society #culture #economy #economics #internet #opensource

The end of capitalism has begun

Without us noticing, we are entering the postcapitalist era. At the heart of further change to come is information technology, new ways of working and the sharing economy. The old ways will take a long while to disappear, but it’s time to be utopian
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Iceland To Take Back The Power To Create Money



http://www.theautomaticearth.com/2015/03/iceland-to-take-back-the-power-to-create-money/
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Iceland’s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank. The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.

Under the so-called Sovereign Money proposal, the country’s central bank would become the only creator of money. “Crucially, the power to create money is kept separate from the power to decide how that new money is used,” Mr Sigurjonsson wrote in the proposal. “As with the state budget, the parliament will debate the government’s proposal for allocation of new money.”

Banks would continue to manage accounts and payments, and would serve as intermediaries between savers and lenders.

Iceland at the forefront of real revolution. Iceland – If you do this, I'll salute and celebrate you. This is the kind of change the west need, I can only hope it will be implemented and be successful.

#Economy #CentralBank #CommercialBank #Iceland #Money #Parliament #Revolution

The Automatic Earth: Iceland To Take Back The Power To Create Money (Raúl Ilargi Meijer)

Gottscho-Schleisner Plaza buildings from Central Park, NY 1933 Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament.
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Palantír před 4 let od Diaspora
One reason to keep some assets out of banks is because the banking system is fraught with risk – risk that becomes more pronounced when governments go rogue, currencies devalue and economies crash: http://www.naturalnews.com/049026_banks_pyramid_scheme_legal_theft.html #assets #BankingSystem #economy #currency #banks #PyramidScheme #LegalTheft #NaturalNews

NaturalNews: World's greatest pyramid scheme: How banks plot to seize your property and life

(NaturalNews) Here at Natural News, we have often advised our readers to diversify their assets, because in a time of economic crisis, it just doesn't make any sense to keep all of your financial eggs in one basket. One of the ways to accomplish diversification of your portfolio is to not put all of your assets into a bank.
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25 Facts About the Federal Reserve




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Unelected, unaccountable central planners from a private central #bank run our financial #system and manage our #economy. There is a reason why financial markets respond with a yawn when Barack #Obama says something about the economy, but they swing wildly whenever Federal Reserve Chairman Ben #Bernanke opens his mouth. The Federal Reserve has far more power over the U.S. economy than anyone else does by a huge margin. The Fed is the biggest Ponzi scheme in the history of the world, and if the American people truly understood how it really works, they would be screaming for it to be abolished immediately. The following are 25 fast facts about the #FederalReserve that everyone should know…
  • The greatest period of economic growth in #US history was when there was no central bank.
  • The #UnitedStates never had a persistent, ongoing problem with #inflation until the Federal Reserve was created. In the century before the Federal Reserve was created, the average annual rate of inflation was about half a percent. In the century since the Federal Reserve was created, the average annual rate of inflation has been about 3.5 percent, and it would be even higher than that if the inflation numbers were not being so grossly manipulated.
  • Even using the official numbers, the value of the U.S. #dollar has declined by more than 95 percent since the Federal Reserve was created nearly 100 years ago.
  • The secret November 1910 gathering at Jekyll Island, Georgia during which the plan for the Federal Reserve was hatched was attended by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the Treasury Department A.P. Andrews and a whole host of representatives from the upper crust of the #WallStreet banking establishment.
  • In 1913, Congress was promised that if the Federal Reserve Act was passed that it would eliminate the business cycle.
  • The following comes directly from the Fed’s official mission statement: “To provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in #banking and the #economy has expanded.”
  • It was not an accident that a permanent income tax was also introduced the same year when the Federal Reserve system was established. The whole idea was to transfer wealth from our pockets to the federal government and from the federal #government to the #bankers.
  • Within 20 years of the creation of the Federal Reserve, the U.S. economy was plunged into the #GreatDepression.
  • If you can believe it, there have been 10 different economic recessions since 1950. The Federal Reserve created the “#dotcom bubble”, the Federal Reserve created the “#housing bubble” and now it has created the largest bond bubble in the history of the planet.
  • According to an official government report, the Federal Reserve made 16.1 trillion dollars in secret #loans to the big banks during the last financial #crisis. The following is a list of loan recipients that was taken directly from page 131 of the report…
  • The Federal Reserve also paid those big banks $659.4 million in fees to help “administer” those secret loans.
  • The Federal Reserve has created approximately 2.75 trillion dollars out of thin air and injected it into the financial system over the past five years. This has allowed the #stockmarket to soar to unprecedented heights, but it has also caused our financial system to become extremely unstable.
  • We were told that the purpose of #quantitativeeasing is to help “stimulate the economy”, but today the Federal Reserve is actually paying the big banks not to lend out 1.8 trillion dollars in “excess reserves” that they have parked at the Fed.
  • Quantitative easing overwhelming benefits those that own stocks and other financial investments. In other words, quantitative easing overwhelmingly favors the very wealthy. Even Barack Obama has admitted that 95 percent of the income gains since he has been president have gone to the top one percent of income earners.
  • The gap between the top one percent and the rest of the country is now the greatest that it has been since the 1920s.
  • The Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.
  • The Federal Reserve openly admits that the 12 regional Federal Reserve banks are organized “much like private corporations“.
  • The regional Federal Reserve banks issue shares of stock to the “member banks” that own them.
  • The Federal Reserve system greatly favors the biggest banks. Back in 1970, the five largest U.S. banks held 17 percent of all U.S. banking industry assets. Today, the five largest U.S. banks hold 52 percent of all U.S. banking industry assets.
  • The Federal Reserve is supposed to “regulate” the big banks, but it has done nothing to stop a 441 trillion dollar interest rate derivatives bubble from inflating which could absolutely devastate our entire financial system.
  • The Federal Reserve was designed to be a perpetual debt machine. The bankers that designed it intended to trap the U.S. government in a perpetual #debt spiral from which it could never possibly escape. Since the Federal Reserve was established nearly 100 years ago, the U.S. national debt has gotten more than 5000 times larger.
  • The U.S. government will spend more than 400 billion dollars just on interest on the national debt this year.
  • If the average rate of interest on U.S. government debt rises to just 6 percent (and it has been much higher than that in the past), we will be paying out more than a trillion dollars a year just in interest on the national debt.
  • According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin #Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. So exactly why is the Federal Reserve doing it?
  • There are plenty of possible alternative financial systems, but at this point all 187 nations that belong to the #IMF have a #centralbank. Are we supposed to believe that this is just some sort of a bizarre coincidence?
#capitalism #fascism #dictatorship #banks #petrodollar #fiatmoney #currency #fail #fuckthesystem
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Too big to fail too big to jail banks continue to engage in all of the same sorts of high risk gambling and other practices that led to the highly unpopular 2008 bailouts. They have no incentive to change - they pocket any gains, and any losses get covered by someone else; I could clean up at a local casino myself if I were given free license to gamble with someone else's money risk free. The bailouts got people's attention, though, and played a role in the emergence of the occupy movement as citizens realized that it was only ordinary non super wealthy people with real needs that enjoyed no protection under this system. Recently in Cyprus, they tried something new: why not let the bank bail itself out by seizing money account holders had deposited instead? It's not all that different, they risk your money, they pocket any gains, and when there's a problem you lose your money, they're just sort of eliminating the middle man - those expensive politicians that made it possible last time. Did you mistakenly think that money you put in your bank account was still yours, to, you know, pay bills with or if you're lucky enough save for a rainy day? Well think again. Cyprus style bail ins are likely coming to a bank account uncomfortably near you. That's what you get when economic policy is consistently written by bankers themselves.

Here's an article on these new style "bail-ins" coming to the US and UK. http://www.globalresearch.ca/it-can-happen-here-the-bank-confiscation-scheme-for-us-and-uk-depositors/5328954

And to Canada, too.
http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

If that's not a reason to bring down the big banks, I don't know what is.

#banks, #economy, #economics, #bailout, #bailin, #theft, #occupywallstreet
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