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Negative Rates To Reach Six Percent?

Oct. 13, 2016 (EIRNS)—Prepare for a new criminal scheme for looting depositors worldwide, with an extension of negative rates on deposits and new forms of expropriations. European Central Bank President Mario Draghi has signaled that Quantitative Easing might be extended beyond the deadline of March 2017. This means that negative rates for private customers "will definitely come," said Martin Hellmich, a professor at the Frankfurt School of Finance and Management, to the Financial Times on Oct. 10. Also Georg Fahrenschon, head of the German Savings Banks Association (DSGV) was quoted in Financial Times as saying he cannot rule out that negative rates for bank customers will come.

Notorious Harvard hitman Kenneth Rogoff had already suggested that negative rates should reach 6% in case of a "severe financial crisis" in an interview with Welt am Sonntag on Sept. 18. In order ensure that depositors don’t escape this expropriation by withdrawing their deposits, Rogoff has suggested abolishing all banknotes but the €10 note. Rogoff is not an isolated loony, but a member of the influential Group of Thirty and a precursor of the negative rates policy adopted by central banks.