On June 6, 2014, Germany’s largest tabloid newspaper, Bild, appeared with the headline ‘How bad can poverty get in old age?’ (Wie schlimm wird die Altersarmut?), writes Marc Zahn, Director & COO at Industrie- und Finanzkontor in Vaduz, Liechtenstein. In the text they use the word ‘Zins-Klau’ a slang expression for ‘stealing interest’. All this in response to the European Central Bank’s (ECB) decision to lower the refinancing rate to 0.15 per cent and the deposit rate to minus 0.1 per cent. Europe’s governments and the ECB are afraid of deflation. It is believed that this measure can push up inflation towards 2 per cent. Will that help? Is Bild right? … Read the entire blog here -> GIS expert Mark Zahn: “The Destruction of Savings”
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