Wordcraft Home Page    Wordcraft Community Home Page    Forums  Hop To Forum Categories  Potpourri    Misunderstanding or Misreporting
Go
New
Find
Notify
Tools
Reply
  
Misunderstanding or Misreporting Login/Join
 
Member
Picture of BobHale
posted
I really hope that either I am misunderstanding the latest news from the UK or the newspapers are misreporting but...

It seems that the latest big idea to stimulate our failing economy is for banks to pay negative interst on current accounts. By my reckoning that means that if you put £100 pounds in today you'll have less next month, less the month after that and eventually nothing at which point they will start sending you bills to keep open the account that no longer contains any of your money.

I suppose the idea is that it will stimulate the economy by everyone taking out all their money and spending it.

Of course there would be such a run on the banks as the world has never seen with everyone trying to get their money out while they still have some.

Can't help thinking this hasn't been thought through.

Please, someone from the UK, tell me that this is either my misunderstanding or their misreporting.

Please.

I don't want to have to transport all my money to China in a tin box and put it under my bed.


"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
Posts: 9423 | Location: EnglandReply With QuoteReport This Post
Member
posted Hide Post
There's always Switzerland or the Cayman Islands.

This message has been edited. Last edited by: Geoff,


It is no measure of health to be well adjusted to a profoundly sick society. -J. Krishnamurti
 
Posts: 6187 | Location: Muncie, IndianaReply With QuoteReport This Post
<Proofreader>
posted
Amazing. You still have money to worry about?
 
Reply With QuoteReport This Post
Member
Picture of BobHale
posted Hide Post
Mainly because I haven't spent a penny of my money since I got a job in China!
Not even a penny of my Chinese salary since I took on a few private students.

Of course the negative interest deal might soon sort that out for me.


"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
Posts: 9423 | Location: EnglandReply With QuoteReport This Post
Member
Picture of zmježd
posted Hide Post
The UK is part of the EU. Can't you put your money in a German bank?


Ceci n'est pas un seing.
 
Posts: 5148 | Location: R'lyehReply With QuoteReport This Post
Member
Picture of BobHale
posted Hide Post
I suppose so - after all there was a huge fuss not long before I left the country - about the failed Icelandic bank where some UK savers had lost money because they had been advised to use it because it had very high interest rates.


"No man but a blockhead ever wrote except for money." Samuel Johnson.
 
Posts: 9423 | Location: EnglandReply With QuoteReport This Post
Member
Picture of Kalleh
posted Hide Post
I had not heard of negative interest rates before, but in this article, it says that Sweden, Denmark, Switzerland and Japan have all given negative interest rates a go...Wow!
 
Posts: 24735 | Location: Chicago, USAReply With QuoteReport This Post
  Powered by Social Strata  
 

Wordcraft Home Page    Wordcraft Community Home Page    Forums  Hop To Forum Categories  Potpourri    Misunderstanding or Misreporting

Copyright © 2002-12