It Begins: Palace Revolt against ECB’s NIRP
Published on Wolf Street, by Wolf Richter, March 4, 2016: if punishment interest exceeds the pain threshold.
The Association of Bavarian Savings Banks, which represents 71 savings banks in the German State of Bavaria, has had it with the ECB’s negative deposit-rate absurdity, and it’s now instigating a palace revolt.
In 2014, when negative interest rates first hit Eurozone banks and ricocheted out from there, Germans called it “punishment interest” (Strafzinsen) because these rates were designed to flog banks and savers until their mood improves. But inexplicably, their mood hasn’t improved.
Bank stocks have gotten clobbered as their profits have gotten hit by the negative interest rate environment. Stocks of Eurozone companies in general have come down hard, and the Eurozone economy simply hasn’t responded very well though the ECB is flogging it on a daily basis with its punishment interest.
And so Bavarian savings banks have had enough. The Frankfurter Algemeine has obtained a memo by the Association of Bavarian Savings Banks that openly encourages its member banks to stash cash in their own vaults rather than depositing it at the ECB and paying the penalty interest of 0.3% to the ECB on these deposits … //
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Links:
C’est la réalité qui est choquante et obscène. Pas les photos – Ai Weiwei à Lesbos, dans l’Obs, par Doan Bui, le 5 mars 2016;
ISIS dig countless tunnels underground captured cities (VIDEOS, PHOTOS), on RT, March 5, 2016;
New Fences on the Old Continent – Refugee Crisis Pushes Europe to the Brink, on Spiegel Online International, by Giorgos Christides, Julia Amalia Heyer, Walter Mayr, Peter Müller, Ralf Neukirch, Conny Neumann, René Pfister, Jan Puhl, Mathieu von Rohr and Christoph Scheuermann, March 4, 2016 (Photo Gallery): even as Chancellor Merkel continues pursuing a deal with Turkey, Austria and its Balkan neighbors to the south have taken things into their own hands. With fences going up across the region, Greece is in trouble and the EU can’t figure out what to do;
The New Mind Control. “Subliminal Stimulation”, Controlling People without Their Knowledge, on Global Research.ca (first on Aeon), by Robert Epstein, March 3, 2016: the internet has spawned subtle forms of influence that can flip elections and manipulate everything we say, think and do;
(see also on en.wikipedia: Robert Epstein (born June 19, 1953) is an American psychologist, professor, author, and journalist. He earned his Ph.D. in psychology at Harvard University in 1981, was editor in chief of Psychology Today), a visiting scholar at the University of California, San Diego, and the founder and director emeritus of the Cambridge Center for Behavioral Studies (Behavior.org) in Concord, MA …;
Cambridge Center for Behavioral Studies on YouTube-search;
The Climat Change Hoax:
- Nobel Laureate (Ivar Giaever) smashes the Global Warming Hoax, 29.47 min, uploaded by 1000frolly, July 12, 2015 …says, you can’t discuss it, it is becomming a religion … Nobel laureate Ivar Giaever’s speech at the Nobel Laureates meeting 1st July 2015;
- Climate Scientist Murry Salby Returns – Presents NEW SCIENCE, 94.41 min, uploaded by 1000frolly, June 24, 2015;
on en.wikipedia:
- Nobel Laureate Ivar Giaever (Norwegian: Giæver, IPA: [ˈiːvɑr ˈjeːvər]; born April 5, 1929) is a Norwegian-American physicist who shared the Nobel Prize in Physics in 1973 with Leo Esaki and Brian Josephson “for their discoveries regarding tunnelling phenomena in solids“.[1] Giaever’s share of the prize was specifically for his “experimental discoveries regarding tunnelling phenomena in superconductors“.[2] Giaever is an institute professor emeritus at the Rensselaer Polytechnic Institute, a professor-at-large at the University of Oslo, and the president of Applied Biophysics …;
- Murry Salby is an atmospheric scientist who focused on upper atmospheric wave propagation for most of his early career, and who more recently has argued against aspects of the scientific consensus that human activity contributes to climate change … He has written two textbooks, Fundamentals of Atmospheric Physics (1996),[4] and Physics of the Atmosphere and Climate (2011). The latter textbook, building on his first book, offers an overview of the processes controlling the atmosphere of Earth, weather, energetics, and climate physics …; all his books on amazon.co.uk;