4 ms·
Why are you "proud" of removing cash going fully digital allows governments to implement negative interest rates ie steal your monney
by lostboys67 9y ago
Why are you "proud" of removing cash going fully digital allows governments to implement negative interest rates ie steal your monney
- tanilama 9y agoBecause it speaks loud that Chinese technologists are using technology to make everyone's life better. And none of your comment actually happened.
- thehardsphere 9y agoActually, negative interest rate policies have been implemented quite a few times in Europe. The Swiss did in the early 70's, Sweden and Denmark both did for a while during the recession, and the ECB did it in 2014 for bank deposits. So yes, it actually can happen. But it doesn't require digital cash.
- thehardsphere 9y agoThey can implement negative interest rates with paper money also.
- lostboys67 9y agoyes but if you hold cash they don't come and take 1% out of your wallet
- thehardsphere 9y agoThey don't need to, because they can take the 1% out of your wallet by printing more pieces of paper with dead politicians faces on it.
- lostboys67 9y agoNot the same one of the Baltic countries has openly speculated about taking money directly from peoples bank accounts.
- thehardsphere 9y agoAhh yes, that is different, and worth being paranoid about if you live in one of those countries where it's an idea people in power are considering.
- phkahler 9y agoInflation affects all kinds of money - including that sitting in a bank account. All forms of electronic payment include rent paid to some company and that's above and beyond currency devaluation.
- dis-sys 9y agoChinese Yuan that stays in your online payment account is usually managed by some cash funds, e.g. Yuebao from Alipay currently manages over $200 billion and it is returning 4.1% pa. In case you are arguing that the <1% fee should be considered as a part of the overall "interest" rate, well, that small fee does bring you the real convenience.