Negative interest rates coming to USA

Economist: U.S. Banks Preparing to Charge Customers For Deposits

In the week that the European Central Bank cut its deposit rate for banks from zero to -0.1%, economist Martin Armstrong warns that negative interest rates are coming to the United States, meaning that Americans will be forced to pay just to keep their money in the bank.

In a move described as unprecedented, the ECB became the first central bank in history to cut any main interest rate to negative Thursday, part of a package of measures designed to encourage banks to provide more loans to businesses and households. Many view the policy as a desperate sign of Europe’s faltering economic recovery.

Critics claim that the action will do little to spur growth while threatening to cause inflation and unemployment. While banks in the EU have not indicated whether or not the costs will be passed on to consumers, the New York Times’ Neil Irwin asserts that this is inevitable.

“Banks will most likely pass these negative interest rates on to consumers, or at least try to. They may try to do so not by explicitly charging a negative interest rate, but by paying no interest and charging a fee for account maintenance,” he writes.

What about Americans? Will they also soon be charged by the bank simply for depositing their own money? Yes, according to economist Martin Armstrong.

Armstrong, who is noted for calling the 1987 economic crash to the very day, warns that U.S. banks are preparing a raft of new account fees that will serve as a de facto negative interest rate.

“In the USA, we are more-likely-than-not going to get the negative rates directly passed to consumers by the banks who will claim it is the Fed who will do so at the requests of the banks. Larry Summers has set the stage. This is just how it works. He flew the balloon to get everyone ready. This is likely to be bullish for the stock market,” writes Armstrong, noting that, “The talk behind the curtain is to impose negative interest rates on the consumer.”

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  1. Kim Turner says:

    You really think they will let you take your money out? They have limits now on how much you can take out each day. If you want to close your account, you get a check to deposit in another bank. Transfers out of the country now have limits or are now allowed, Taking out or transferring amounts of $10.000 is reported to the gov. Start now on a daily basis taking your money out in small increments. Keep only what you need to pay bills in the banks.

  2. usfrog says:

    Yep! The day they charge negative interest, just pull it all out. In England, when the pensions failed, people all went to the banks on the same day, the banks ran out of money and had to close.

  3. Andrew Marcell says:

    Most banks have deposit fees hidden in their maze of fees.This has bee the fact since the 1980s

  4. Bo says:

    and the big banks will smile as odummer gives them another big bail out!

  5. mirageseekr says:

    They have been setting the stage for this for awhile. Why do you think it is that everything is done by direct deposit these days? Used to be you could take your check to a grocery store or a friendly bar owner to cash it. As if the greedy bastards need more of your money because those billions the banks rake in a year just aren’t enough.

  6. This is going deeper then what people realize… First, people would be wise to start drawing out all their savings.. little by little…if they can… They find a safe easy way to hide your money.. Get a sfe hiden in your home… you will be surprise of the many place a safe can be hidden in private homes.
    But this is going to run all small bankers out of business.. This is what is going to happen. That is the part the big Bankers are going to love… That is the deeper part of all this story. If you find out who the big bankers are behind the little bankers, you can trace it back to the crooked bigger bankers and they people trying to ruin America and other world Government

  7. I wonder how they will fill when everyone pulls out their money. This is just another tactic to further destroy the economy and go to a cashless society. One world government leading to the Antichrist.

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