Monday, July 25, 2016

Got your wealth in gold? Dutch bank to begin negative interest rates on customer deposits

Until now, negative interest rates pretty much were only affecting sovereign debt, and to the tune of over $13 trillion to date.  But on July 24 one bank in the Netherlands is now setting the precedent to institute negative rates on common depositors, meaning that it will now cost you money to hold your cash in a business checking or savings account.

Negative interest rates are the desperate concoction of central banks to try to force people to spend into an economy rather than save for emergencies or the future.  And when you add in the fact that banks in Portugal and Italy are both standing on the cusp of new taxpayer bailouts, any money that you own or control is quickly becoming fair game for banks and governments to seize to protect their own financial insolvencies.

One of the largest Dutch banks, ABN Amro, has now warned its business clients a negative interest rate on the business accounts is in the works. The bank is currently updating its terms and conditions and will more specifically include its right to reduce the interest rates below zero as the bank wants to ‘protect itself’ against the continuously changing market circumstances. - Zerohedge
Fortunately, there are a few ways that you can protect your wealth from confiscations, bail-in, or loss of purchasing power, and that is through the ownership of bitcoin or gold.  And in particular, in a company, business, or process that allows you to store it in that asset, but have it available to be interchangable with any currency you need to be able to pay bills, purchase products and services, or simply just to keep it outside the banking system.


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