I’m far from the only one complaining about ZIRP Bernankecide, the financial genocide of America’s elderly former savers via the weapon of zero interest rates. This policy is forcing America’s senior citizens to draw down their savings month in and month out, wiping out many of them. Many others are pulling their punches in calling this policy what it is, but Jim Rickards doesn’t mince words in this interview with Lauren Lyster.
Jim Rickards, senior managing director of Tangent Capital Partners, says the Fed already has its hands in depositors’ pockets.
“Nobody is stealing more money from bank depositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke’s doing that, Rickards says, by maintaining interest rates near zero.
“At this stage of a recovery normalized interest rates should be around 2-3%,” says Rickards. “Apply that 2-3%…to the entire multi-trillion-dollar deposit base of the United States of America and that’s a $400-billion per year wealth transfer from savers to bankers so they can pay themselves bigger bonuses or make crazy bets.” Over time, Rickards says, that wealth transfer could reach $1 trillion.
Rickards says zero interest rates are just one way the Fed is fleecing depositors. Others include increasing inflation, which Bernanke is trying to do, and taxing deposits like Cyprus is pushing for. “Bernanke is stealing more money from depositors than Cyprus is… looting everyday Americans—teachers, firemen and retirees,” says Rickards.
Click the link watch the video on Yahoo via Forget Cyprus, Noboby Is Stealing from Depositors More than Bernanke | Daily Ticker – Yahoo! Finance.