Monday, February 29, 2016

It didn’t take long for Japanese citizens to rush to get their money out of their banks thanks to NIRP

If the world ever wanted to see in real time what people do when their government puts a tax on their savings, then all they need to do is take a look at Japan now that their central bank has implemented a negative interest rate policy (NIRP).  Because just weeks after the Bank of Japan’s (BOJ) head Kuroda announced the new policy out of thin air, runs to get cash out of banks have begun in earnest, with sales of personal safes exploding across the country and people stacking them with millions of 10,000 yen currency bills.
NIRP is a draconian tax on anyone with money in a bank account, or paper investment account, and is done in the attempt to force the spending of money whether the people want to do this or not.


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