Signs of our times! The good is bad and the bad is good.
Only the rich know how to stash their holdings in order to make them grow. You and me are being forced to either make do with what we have, not expect anything more but give from what we have to the banks instead. Either that or take a gamble and put our savings in the stock market or govt. bonds. That's what the govt. wants us to do by hook or by crook. And, no ... that's not a conspiracy theory. When all other reasons fall by the wayside, the only one remaining is the one a reasonable man refuses to touch...but touch he must.
Wanna bet North America won't copy the European Central Bank's move?
ZeroHedge has a lot to say on this move. Very enlightening.
And, below is what's reported by the Financial Times:
Claire Jones writing at FinancialTimes:
...The European Central Bank has cut interest rates to a fresh record low and lowered one of its benchmark rates below zero in a radical move that policy makers hope will help the currency bloc to stave off the threat of deflation.
The ECB cut its main refinancing rate to 0.15 per cent, from 0.25 per cent, and its deposit rate from zero to minus 0.10 per cent, becoming the first major central bank to venture into negative territory.
Neither the Federal Reserve, Bank of Japan nor Bank of England have tried this. The ECB hopes the move will lift inflation by weakening the euro and spurring lending in the bloc’s more troubled periphery.
Both decisions were widely expected following hints from policy makers that, after more than six months of standing firm, the ECB would act this month. A lower-than-expected figure for May inflation, which at a rate of 0.5 per cent per year is well below the central bank’s target of just under 2 per cent, had cemented expectations that the governing council would act...............