Media: Central Bankers Have a Special New Excrement Sandwich and You Are Going to Love It!

Central bankers are now planning to confiscate money from depositors and the media reports this as a bold innovation that will help the economy.

The tone of this article is fascinating. It is like a doctor telling a patient he has terminal cancer by telling him a joke about it. Except in that scenario, the doctor did not cause the cancer. But the central bankers are planning on robbing people and they are announcing this as the best news for us, the little people. The media simply writes their propaganda for them.

Thus, the Telegraph gives us the headline, “How Sweden’s negative interest rates experiment has turned economics on its head.”

It has long been believed that when it comes to interest rates, zero is as low as you can go. Who would choose to keep their money in the bank if they had to pay for the privilege?

But for the people who control the world’s money, this idea has recently been thrown out of the window. Many central banks have pushed their rates into negative territory and yet the financial system has still to come to an abrupt end.

It is a discovery that flips on its head the conventional idea of how authorities could respond to future economic crises; and for central bankers, this has come as a relief.

Central bank policymakers had believed they had run out of room to support their respective economies, with their interest rates held close to the floor.

But now we know better! If we charge interest rates “below zero” then we can save the economy.

At first I thought the article was talking about Central Banks basically printing money for clients in order to pay them negative interest rates. Big Business and the financial sector love that.

But no, ultimately it involves siphoning money from depositors and pretending they should be grateful for the “privilege” of getting “economic recovery.”

Eventually, depositors may not even have the option of quitting a bank to escape the regular theft of a portion of their money.

At the most recent meeting of the Federal Open Market Committee(FOMC), which decides US interest rates, one unnamed member said that they expected negative policy rates at the end of this year and next.

But can policymakers keep at this forever? Even if turns out that the lower bound was not negative, economists still believe that one exists.

Attempts to estimate the unknown vary, but the fees charged by credit companies give some indication as to how strongly we prefer to use cash. These can be as low as minus 3pc according to Barclays, indicating that central bankers have much more room to slash rates.

Pension funds might be among the first to abandon banks if things get too painful, because of what in effect can look like a tax on holding money.

One solution is to give savers nowhere else to go. This idea was floated by the Bank of England’s chief economist in recent weeks, who made the case that sub-zero rates will be needed in the near future.

Andy Haldane, a member of the Monetary Policy Committee (MPC), the UK’s equivalent of the FOMC suggested that to achieve properly negative rates, the abolition of cash itself might be necessary.

This is one reason why negative rates have been used in Nordic economies, where societies are already close to cashless.

So our rulers (euphemistically described as “policymakers”—as if there is a shortage of needed policy in the world but our entrepreneurial “policymakers” are working hard to alleviate the shortage) plan to plunder us and destroy the social innovation of money that has been responsible for economic progress throughout human history, and the Telegraph reports all this as if it is in no way a controversial matter. These people aren’t a class of sociopathic parasites who, having damaged the economies of the nations, now want to increase the damage so that they can keep their revenues flowing. No, these are all intellectuals and scientists who are doing their best to “fix” the economy by bold innovations.

I would compare these central bankers to the Mafia, but I don’t want to libel the Mafia.