“Men who look upon themselves born to reign, and others to obey, soon grow insolent; selected from the rest of mankind their minds are early poisoned by importance; and the world they act in differs so materially from the world at large, that they have but little opportunity of knowing its true interests, and when they succeed to the government are frequently the most ignorant and unfit of any throughout the dominions.”
Thomas Paine, Common Sense
“In the early ages of the world, according to the scripture chronology, there were no kings; the consequence of which was there were no wars; it is the pride of kings which throws mankind into confusion.”
Thomas Paine, Common Sense
“When I was teaching children I began every day writing this on the blackboard: “Do to others what you would like them to do to you”, telling them how much better the world would be if everybody lived by this rule.”
Thomas Paine, Common Sense
“Common sense will tell us, that the power which hath endeavoured to subdue us, is of all others, the most improper to defend us.”
Thomas Paine, Common Sense
Justice For Some – Currency Wars – ECB Deposit Rates To -3%
Via Bloomberg, citing Handelsblatt:
Eurozone on road to deflation, and bonds remain [an] attractive asset because high demand meets scarce supply
ECB will reduce interest for cash deposits to minus 3% and the dollar [will] appreciate by 20%, reaching parity with euro in 2015.
This evening Zerohedge reports that there is speculation that the ECB will cut interest rates paid to MINUS THREE PERCENT, and that the intention is to bring the dollar 20% higher to dollar parity. That should do wonders for The Recovery.™
Currency wars. And your meager savings and wages will be the cannon fodder.
This is not official, but it makes a great headline and a vector of things to come. Maybe JPM is trying to make us feel better about their plans for charging us a single percent to hold our cash, ex fees. Or maybe they are just snorting the ketamine of their own moral hazard, and riding the buzz into a k-hole.
This is hard to believe.
But it is also hard to believe that the Fed slipped a back door bailout in the trillions to the Banks. Nothing is as stupid as the bureaucratic desperation of the pampered princes, when they see the long awaited day of reckoning coming across the horizon. So I am keeping an open mind.
An interest rate on savings deposits of negative three percent is a euphemism for the confiscation of the middle class’ remaining funds. The one percent are parked in subsidized rentier assets and tax havens.
These jokers are jumping up and down on a land mine, just to see what happens.
Jesse