The UK banking giant Natwest has become the first bank to warn business customers it may charge them negative interest rates on money held in current accounts.
In what is believed to be a UK first, the bank has signalled its intention to force account holders to either pay to hold money or move funds elsewhere.
A move to negative interest rates would turn a key part of banking on its head, with banks effectively paid to store people’s money, while savers are penalised for keeping money in their accounts.
“‘Negative interest rates’ is merely banker talk for bank fees charged to depositors based on a percentage of their deposits…By using the term “negative interest rates,” it diverts attention away from the reality that banks are socking it to their depositors by simply taking money out of deposit-account balances to make up for bank losses when they occur. The extra twist in this is that governments and their partner central banks are going to great lengths to make the process entirely legal so depositors cannot sue them when the theft occurs.
“When people finally wake up to the reality of this legalized theft, those with large deposits will want to remove their money from banks. That is why the banks and their partners in government are working hard now to eliminate cash. That will force everyone to leave their money in banks where it can readily be taken in the form of negative interest rates.”
— G. Edward Griffin www.needtoknow.news