May 29th, 2015

Banks. Close them down or nationalise?

Any service that is counter productive to society needs remedial action. That applies equally to all service providers from the EC up to local councils. Banks don't need our money, they print their own without control.
Don't look to bent regimes like the UK's to sort out the problems. The Iceland option is favourite but any solution that doesn't come from the banks or their governments is to be applauded.

Zero Hedge carried this
More and More Outlets Are Suggesting a Carry Tax on Physical Cash
Submitted by Phoenix Capital Research on 05/28/2015 13:26 -0400
A carry tax… or tax on physical currency… is coming.
The Fed and other Central Banks literally took the nuclear option in dealing with the 2008 bust. Collectively, they’ve printed over $11 trillion and have cut interest rates to zero for nearly six years.
All of these efforts were focused on driving in trashing cash and forcing investors/ depositors into risk assets.
But these policies have failed to generate growth.
Rather than admit they are completely wrong, Central Banks are reverting to more and more extreme measures to destroy cash and force investors to move into risk against their will.
Things went into hyperdrive last June when the ECB cut interest rates to negative, thereby CHARGING depositors to keep their money in cash.
Since that time, Denmark, Switzerland and other nations have followed suit.
The banks are following in their footsteps. Julius Baer, JP Morgan, and other firms have begun to charge large account holders for parking in cash. JP Morgan openly stated it wanted to LOSE $100 billion in deposits.
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