No Dollar Left Behind
We all know that Janet Yellen will be the next Chairperson of the Fed. Larry Summers was Obama’s original pick for the position but he brings too much baggage to the table. Maybe because he would fall asleep in the President’s cabinet meetings (above photo) or maybe, as President of Harvard, he stated that the underrepresentation of female scientists at top universities may be in part due to natural differences between men and women. Who knows. Anyway, Yellen will be promoting “Sleepy” Summers ideas.
Last week at the IMF meeting in Washington, Summers said the Federal Reserve, by keeping interest rates at zero, simply isn’t doing enough to stimulate the economy, so the next step should be to apply “negative interest rates” on all savings accounts. Larry’s talking 2 to 3 percent adjusted for inflation.
In other words, everyone with a savings account, pension fund or IRA will pay interest to the banks for the privilege of allowing them use our money! But wait, it gets better. To make sure we don’t simply take our money out of the banks and hide it under the mattress, Summers wants to eliminate physical money and create a cashless society. That way the Fed will be able to
skim take their cut off the top before you have a chance to see it. No saving allowed.
Saving is now considered hoarding and the only way to stimulate the economy is for everyone to spend everything they earn. Savers have to share the wealth. Welcome to Marxism. More at The Daily Reckoning.
In the meantime enjoy a blast from the past.
Creedence Clearwater Revival – Bad Moon Rising: