Financial Crisis

[mccw]

""The 75% super-tax on the mega-rich, which was rejected by France's constitutional court might be imposed anyway. French President Francois Hollande suggests laying the burden on businesses rather than on individuals.

In the interview with France 2 television President Hollande said he has revised his original plan to lay the massive tax on individuals earning above 1 million, which has been ruled unfair and rejected by the Constitutional Court and later the State Councils, leaving the President embarrassed.

Frances top administrative court ruled that any tax rate above 66% was likely to be rejected again by the Constitutional Council, the Finance Ministry said last week.

With this in mind, Hollande will now propose to tax employers paying their workers more than 1 million. The president said in the interview that the measure, if approved, will last for two years.

President Hollande expects the measure will push employers to review executive pay, AFP reports. He also hopes that this will help fill the gap in the state budget.

The new 75% tax will be a major disappointment for business leaders. Experts believe this along with other tax innovations introduced by the Socialist presidents government may cause a tax exodus and stall investment.

Despite the obvious need to reduce budget deficit, no other new taxes will be introduced in 2013 and no tax rises are planned for the next year, Reuters reports.

Today, prolonging austerity risks failure to reduce deficits and the certainty of having unpopular governments, and so the populists would at some point break through, Hollande said.

The French private business sector isnt in its best shape. March PMI data, a key growth indicator shows the sharpest decline since 2009, indicating the EUs second-largest economy is heading towards a triple dip recession recession. Frances Flash Composite Output Index hit the lowest level in four years at 42.1.

France has often said it will not meet the EU-set target of 3% of GDP budget deficit this year. Despite this President Hollande repeatedly refused to impose the deep spending cuts introduced in other crisis-driven European economies, like Greece and Spain.

All this together with unemployment rising above 10%, the economy has few chances to recover and enter a growth phase soon.""

Rt app

Some choice numbers in there

[midas]

( 1 ) New Zealand Government Now Planning a Cyprus-Style Confiscation to Fund Bank Bail Out

http://intellihub.com/2013/03/20/new-zealand-government-now-planning-a-cyprus-style-confiscation-to-fund-bank-bail-out/

( 2 )Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

[mccw]

( 1 ) New Zealand Government Now Planning a Cyprus-Style Confiscation to Fund Bank Bail Out

http://intellihub.com/2013/03/20/new-zealand-government-now-planning-a-cyprus-style-confiscation-to-fund-bank-bail-out/

( 2 )Cyprus-Style Bail-Ins Are Proposed In The New 2013 Canadian Government Budget!

http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

With my conspiracy cap on;

I wander if this is one of Mark Carney's "extraordinary measures" . We know he's just come from Canada, he's ex Goldman and we see the policies scross Southern Europe are coming from these same alumi. Conservatives could have accepted a deal to appoint carney in exchange for continue grace in the bonds market and exchange rate down around level of policy targeting. Next the money changers deal in labour like they did new labour and first thing they did was pay them back with privatising the Bank of England. This time it will be implementing Carney's ill defined extraordinary measures ? Snatch the wealth of Britain when the time is right- when the dominos are all lined up ready to fall nicely across the EU.

[lannarebirth]

( 1 ) New Zealand Government Now Planning a Cyprus-Style Confiscation to Fund Bank Bail Out

http://intellihub.com/2013/03/20/new-zealand-government-now-planning-a-cyprus-style-confiscation-to-fund-bank-bail-out/

( 2 )Cyprus-Style Bail-Ins Are Proposed In The New 2013 Canadian Government Budget!

http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

With my conspiracy cap on;

I wander if this is one of Mark Carney's "extraordinary measures" . We know he's just come from Canada, he's ex Goldman and we see the policies scross Southern Europe are coming from these same alumi. Conservatives could have accepted a deal to appoint carney in exchange for continue grace in the bonds market and exchange rate down around level of policy targeting. Next the money changers deal in labour like they did new labour and first thing they did was pay them back with privatising the Bank of England. This time it will be implementing Carney's ill defined extraordinary measures ? Snatch the wealth of Britain when the time is right- when the dominos are all lined up ready to fall nicely across the EU.

It's a great way for sovereign governments to drum up demand for the all the QE bonds they've been buying at top dollar prices.

[yoshiwara]

( 1 ) New Zealand Government Now Planning a Cyprus-Style Confiscation to Fund Bank Bail Out

http://intellihub.com/2013/03/20/new-zealand-government-now-planning-a-cyprus-style-confiscation-to-fund-bank-bail-out/

( 2 )Cyprus-Style Bail-Ins Are Proposed In The New 2013 Canadian Government Budget!

http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

With my conspiracy cap on;

I wander if this is one of Mark Carney's "extraordinary measures" . We know he's just come from Canada, he's ex Goldman and we see the policies scross Southern Europe are coming from these same alumi. Conservatives could have accepted a deal to appoint carney in exchange for continue grace in the bonds market and exchange rate down around level of policy targeting. Next the money changers deal in labour like they did new labour and first thing they did was pay them back with privatising the Bank of England. This time it will be implementing Carney's ill defined extraordinary measures ? Snatch the wealth of Britain when the time is right- when the dominos are all lined up ready to fall nicely across the EU.

Its never off.

[BuffaloRescue]

If I were a German I wouldn't be too pleased about my taxes pouring down such an unfillable hole either.

let's not forget that taxes are not levied in gold Dirhams or Krüger Rands. payment in worthless fiat €UR money is accepted.

There is no capital gains tax on UK issued coin bullion, ie sovereigns, Britannias etc

Say what? Are you saying you can buy and sell legal tender coins issued in the UK, for a profit and pay no capital gains tax on them? If thats the case why arent all gold investors buying coins? Coins should carry a hefty premium in this case

[BuffaloRescue]

selecting 5 year GBP vs. four currencies which are special cases and starting in the crisis year 2008 is not evidence.

On the conspiricy.

How many countries have Goldman ex WBankers got in government or central banks?

Goldman is very pervasive, the company has a bad reputation for taking opposing positions to what it recommends to clients, and these are the crooks running or advising many central banks and essentially running the US. Some believe central banks are good for the economy (mainly bankers and their bought politicians), historical evidence would suggest otherwise, seems to me that someone is making a lot of money and that seems to be only the bankers at the expense of the rest of us.

Bankers are basically middle men, they produce nothing and hence contribute nothing to GDP, they just take a percentage of the action whether through interest on fiat money out of thin air or high frequency trading, in reality parasitism. The old adage about bringing entrepreneurs and funding together is a load of crap, any government bank could fascilitate that, odd how so many were privatised to remove that option for the public. Private banks also gamble with savings, they are no longer loan institutions, they serve no useful function and they should all have been allowed to collapse. At least the money printing could have gone to govenments restoring lost saving accounts instead of running zero interest policies and wiping out a generation of savers, mainly the elderly. Think Goldman, JP Morgan and the rest plus the so-called central banks aren't up to their neck in the biggest financial scam of the millenium?

GS got billions in bailout money. Blind leading the blind

[mccw]

If I were a German I wouldn't be too pleased about my taxes pouring down such an unfillable hole either.

let's not forget that taxes are not levied in gold Dirhams or Krüger Rands. payment in worthless fiat UR money is accepted.

There is no capital gains tax on UK issued coin bullion, ie sovereigns, Britannias etc

Say what? Are you saying you can buy and sell legal tender coins issued in the UK, for a profit and pay no capital gains tax on them? If thats the case why arent all gold investors buying coins? Coins should carry a hefty premium in this case

It about 5-8% over spot buying premium and 1% under when selling.

I buy only physical coin for my uk reserve. The advantage of quater or half soveriengs over other coins aswell is that you can carry a fair few grands worth in your wallet and ladies purse with out arising prying eyes / potential extortion on the airport scanners if needing to relocate or escape the currency controls if in a predicament like Cyprus. Car ferry is a choice for bigger bits I suppose. Psst the guernsey mint sells silver bullion VAT free

Another thing to be aware of is that orders/ purchases of bullion under £10,000 in cash or otherwise are not recorded or needing ID address etc; while over that requires a simple form filling but delay before purchase or at least shipping if through on line, while your details s d proof of residence ID etc is checked out. If protecting from potential asset confiscation scenario then best not to have any records obviously!

Just pay cash and take the gold is nice and easy; much more easy and secure than all that bit coin malarkey I've been investigating on the other thread.

[BuffaloRescue]

If I were a German I wouldn't be too pleased about my taxes pouring down such an unfillable hole either.

let's not forget that taxes are not levied in gold Dirhams or Krüger Rands. payment in worthless fiat UR money is accepted.

There is no capital gains tax on UK issued coin bullion, ie sovereigns, Britannias etc

Say what? Are you saying you can buy and sell legal tender coins issued in the UK, for a profit and pay no capital gains tax on them? If thats the case why arent all gold investors buying coins? Coins should carry a hefty premium in this case

It about 5-8% over spot buying premium and 1% under when selling.

I buy only physical coin for my uk reserve. The advantage of quater or half soveriengs over other coins aswell is that you can carry a fair few grands worth in your wallet and ladies purse with out arising prying eyes / potential extortion on the airport scanners if needing to relocate or escape the currency controls if in a predicament like Cyprus. Car ferry is a choice for bigger bits I suppose. Psst the guernsey mint sells silver bullion VAT free

Another thing to be aware of is that orders/ purchases of bullion under £10,000 in cash or otherwise are not recorded or needing ID address etc; while over that requires a simple form filling but delay before purchase or at least shipping if through on line, while your details s d proof of residence ID etc is checked out. If protecting from potential asset confiscation scenario then best not to have any records obviously!

Just pay cash and take the gold is nice and easy; much more easy and secure than all that bit coin malarkey I've been investigating on the other thread.

Hmm.. while it might be free from import/export/sales taxes i think youll find technically speaking any gains should go on your tax return! Although with 8% spread that might not be much. Im surprised though someone hasnt set up a business letting buyers and sellers trade coins like this at a more reasonable spread.

Edited March 30, 2013 by BuffaloRescue

[mccw]

If I were a German I wouldn't be too pleased about my taxes pouring down such an unfillable hole either.

let's not forget that taxes are not levied in gold Dirhams or Krüger Rands. payment in worthless fiat UR money is accepted.

There is no capital gains tax on UK issued coin bullion, ie sovereigns, Britannias etc

Say what? Are you saying you can buy and sell legal tender coins issued in the UK, for a profit and pay no capital gains tax on them? If thats the case why arent all gold investors buying coins? Coins should carry a hefty premium in this case

It about 5-8% over spot buying premium and 1% under when selling.

I buy only physical coin for my uk reserve. The advantage of quater or half soveriengs over other coins aswell is that you can carry a fair few grands worth in your wallet and ladies purse with out arising prying eyes / potential extortion on the airport scanners if needing to relocate or escape the currency controls if in a predicament like Cyprus. Car ferry is a choice for bigger bits I suppose. Psst the guernsey mint sells silver bullion VAT free

Another thing to be aware of is that orders/ purchases of bullion under £10,000 in cash or otherwise are not recorded or needing ID address etc; while over that requires a simple form filling but delay before purchase or at least shipping if through on line, while your details s d proof of residence ID etc is checked out. If protecting from potential asset confiscation scenario then best not to have any records obviously!

Just pay cash and take the gold is nice and easy; much more easy and secure than all that bit coin malarkey I've been investigating on the other thread.

Hmm.. while it might be free from import/export/sales taxes i think youll find technically speaking any gains should go on your tax return! Although with 8% spread that might not be much. Im surprised though someone hasnt set up a business letting buyers and sellers trade coins like this at a more reasonable spread.

There is no capital gains tax either so I don't think its needing to be declared at all; like receiving a gift or a gambling win is not needing declared either since no taxes due, right?. It is not income or a taxable gain.

Such Reserve money is best all off the books anyway. Turned over and around in cash not touching the banks. That's what keeps it safe from the government, banksters, personal data fraudsters, dare I say it ,,, for some , the wife , haha

[yoshiwara]

If I were a German I wouldn't be too pleased about my taxes pouring down such an unfillable hole either.

let's not forget that taxes are not levied in gold Dirhams or Krüger Rands. payment in worthless fiat UR money is accepted.

There is no capital gains tax on UK issued coin bullion, ie sovereigns, Britannias etc

Say what? Are you saying you can buy and sell legal tender coins issued in the UK, for a profit and pay no capital gains tax on them? If thats the case why arent all gold investors buying coins? Coins should carry a hefty premium in this case

It about 5-8% over spot buying premium and 1% under when selling.

I buy only physical coin for my uk reserve. The advantage of quater or half soveriengs over other coins aswell is that you can carry a fair few grands worth in your wallet and ladies purse with out arising prying eyes / potential extortion on the airport scanners if needing to relocate or escape the currency controls if in a predicament like Cyprus. Car ferry is a choice for bigger bits I suppose. Psst the guernsey mint sells silver bullion VAT free

Another thing to be aware of is that orders/ purchases of bullion under £10,000 in cash or otherwise are not recorded or needing ID address etc; while over that requires a simple form filling but delay before purchase or at least shipping if through on line, while your details s d proof of residence ID etc is checked out. If protecting from potential asset confiscation scenario then best not to have any records obviously!

Just pay cash and take the gold is nice and easy; much more easy and secure than all that bit coin malarkey I've been investigating on the other thread.

Hmm.. while it might be free from import/export/sales taxes i think youll find technically speaking any gains should go on your tax return! Although with 8% spread that might not be much. Im surprised though someone hasnt set up a business letting buyers and sellers trade coins like this at a more reasonable spread.

There is no capital gains tax either so I don't think its needing to be declared at all; like receiving a gift or a gambling win is not needing declared either since no taxes due, right?. It is not income or a taxable gain.

Such Reserve money is best all off the books anyway. Turned over and around in cash not touching the banks. That's what keeps it safe from the government, banksters, personal data fraudsters, dare I say it ,,, for some , the wife , haha

Certainly no income, ever.

[midas]

Certainly no income, ever.

But at least you have got something to show at the end of the day…… Unlike the bank accounts in Cyprus?

you need to learn the new mantra -Return OF capital is more important than return ON capital

" depositors are increasingly coming to the realization that deposits in their local bank are not 'safe' places to put their spare cash, but are in fact loans to extremely leveraged businesses. "

http://www.reuters.com/article/2013/03/30/us-monte-dei-paschi-deposits-idUSBRE92T08520130330

Edited March 31, 2013 by midas

[Naam]

"depositors are increasingly coming to the realization that deposits in
their local bank are not 'safe' places to put their spare cash, but are
in fact loans to extremely leveraged businesses."

what's new about that?

Edited March 31, 2013 by Naam

[mccw]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

[chiang mai]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

Which explains quite nicely why I like the Nationwide building society so much.

[mccw]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

Which explains quite nicely why I like the Nationwide building society so much.

Sorry- why do you like them so much? They are still working in a similar fashion to a bank and can still go under just as easily no?

[yoshiwara]

Certainly no income, ever.

But at least you have got something to show at the end of the day…… Unlike the bank accounts in Cyprus?

you need to learn the new mantra -Return OF capital is more important than return ON capital

" depositors are increasingly coming to the realization that deposits in their local bank are not 'safe' places to put their spare cash, but are in fact loans to extremely leveraged businesses. "

http://www.reuters.com/article/2013/03/30/us-monte-dei-paschi-deposits-idUSBRE92T08520130330

Neither choice very good.

[Naam]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

if people think that banks are just "holding" their money then why do they expect the bank to pay interest instead of charging for holding it?

in a perverse way the scandals of the last years have also the positive effect of 'educating' complete financial ignorants.

[cheeryble]

in a perverse way the scandals of the last years have also the positive effect of 'educating' complete financial ignorants.

Sadly for some they're ineducable uneducable ineducative bloody impossible to educate.

Edited March 31, 2013 by cheeryble

[mania]

if people think that banks are just "holding" their money then why do they expect the bank to pay interest instead of charging for holding it?

in a perverse way the scandals of the last years have also the positive effect of 'educating' complete financial ignorants.

Of course you are correct & anyone who did not know or realize their money was being used

to make money for the banks thru loans etc. were very naive.

But of those that did know I think many did not realize how leveraged the banks were

or that it was even allowed to be at such risk levels.

Also true it has been a steep learning curve for many as they have found out many things in these

last few years if they followed the news at all. Still even today I would not be surprised

if 8 out of 10 Americans thought Bernanke & the FED were a branch of the US government.

But as you say in a perverse way folks are learning. It may cost many but ultimately I think

it will cost the system of banking dearly too. Given today's ZIRP & what folks have learned many will

opt for any alternatives they can think of. They will of course still use banking services but may be inclined

to keep just what they need to operate in a bank each month if that.

I am speaking of the average person not the big boys of course.

Edited March 31, 2013 by mania

[manarak]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

if people think that banks are just "holding" their money then why do they expect the bank to pay interest instead of charging for holding it?

in a perverse way the scandals of the last years have also the positive effect of 'educating' complete financial ignorants.

Well, average-educated people expect banks to re-lend their holdings at, say, 6% by applying risk management to a portfolio of lonads and pay to account holders about 5% and keep 1% for the bank's troubles (healthy business model).

What was really happening, was banks taking the deposits and lending out amounts that are very much higher than the deposited amounts (leverage), and then selling these loans as safe assets to other institutions and taking similar papers into their balance sheets, and then getting more liquidity from the central banks, based on these safe assets...

[midas]

"depositors are increasingly coming to the realization that deposits in

their local bank are not 'safe' places to put their spare cash, but are

in fact loans to extremely leveraged businesses."

what's new about that?

Its totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

if people think that banks are just "holding" their money then why do they expect the bank to pay interest instead of charging for holding it?

in a perverse way the scandals of the last years have also the positive effect of 'educating' complete financial ignorants.

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

[yoshiwara]

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

[Naam]

It seems pretty clear that bank fees are continuing on an upward
trajectory, and these institutions are experimenting with all sorts of
ways to make them palatable to customers.

again i ask "what's new about that?"

the big multinationals don't even make an effort to make fee hikes

or new fees palatable to customers because the customers know

their choices are limited. it takes months, if not a year or two, to

get used to the new environment and the pros and cons which

come with the switch to another bank.

two save a few thousand dollars in fees could mean might mean

a multiple of that in losses if the new bank has problems to provide

access buying or selling certain assets or getting unfavourable

prices for trading assets.

disclaimer: i am talking from the standpoint of an active investor

and i am well aware that my posting does not apply to people who's

main assets are rice fields and gold bars under the mattress and who's

income is a modest fixed monthly amount.

[cheeryble]

.....which is why I use my stockbroker as my bank.

[midas]

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

yeah well negative interest rates may have been acceptable when banks managed to portray themselves as bastions of the community. But all that is now gone out of the window. They dropped their pants and exposed themselves.

Now we know that even insured amounts could have received a haircut and maybe next time they will

[midas]

It seems pretty clear that bank fees are continuing on an upward

trajectory, and these institutions are experimenting with all sorts of

ways to make them palatable to customers.

again i ask "what's new about that?"

the big multinationals don't even make an effort to make fee hikes

or new fees palatable to customers because the customers know

their choices are limited. it takes months, if not a year or two, to

get used to the new environment and the pros and cons which

come with the switch to another bank.

two save a few thousand dollars in fees could mean might mean

a multiple of that in losses if the new bank has problems to provide

access buying or selling certain assets or getting unfavourable

prices for trading assets.

disclaimer: i am talking from the standpoint of an active investor

and i am well aware that my posting does not apply to people who's

main assets are rice fields and gold bars under the mattress and who's

income is a modest fixed monthly amount.

What is new is simply they have lost the respect and trust they once had, which is a game changer

[midas]

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

Yes the good old reliable piggybank. No matter how long it stood there, you could turn it upside down and with a knife all the coins would drop down one by one…. But not with the banks anymore.

Here is another totally unjustifiable example of looting and theft...

“HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.”

http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131

Edited April 1, 2013 by midas

[yoshiwara]

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

Yes the good old reliable piggybank. No matter how long it stood there, you could turn it upside down and with a knife all the coins would drop down one by one…. But not with the banks anymore.

Here is another totally unjustifiable example of looting and theft...

“HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.”

http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131

Then keep your money in a piggy bank on the mantelpiece and cancel all your bank accounts.

Alternatively just operate with a building society account or a post office account.

Just save us from your endless snivelling.

[yoshiwara]

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

yeah well negative interest rates may have been acceptable when banks managed to portray themselves as bastions of the community. But all that is now gone out of the window. They dropped their pants and exposed themselves.

Now we know that even insured amounts could have received a haircut and maybe next time they will

Any investment is subject to risk. In fact, believe it or not, investments are risk. Deposited savings are no different. Those with limited understanding of economics don't understand this and that is why those with the poorest understanding are often reduced to quivering wrecks waving their bag of coins against an iniquitous world.