Topic: Euro's Go from ZIRP to NIRP!

[Libertas]

http://www.zerohedge.com/news/2014-06-05/ecb-cuts-deposit-rate-negative-first-time-ever

Hilarious!  Thank you for depositing with us, the fee we charge for this honor will appear on your next statement, thanks and have a great day!

       

[richb]

Yet another f**k you to the few people that try to save a few bucks anymore.   This will be happening here in the US in no time.

It's no wonder why people don't save like we once did.  Even those that could don't bother.    Outside of not having anything to save to begin with,  which is a growing problem for many people of my generation.   I know many people didn't have much in the past too,  but at least in the past,  having a little wasn't as big of a deal,  you could still have a life and make forward progress.   There were houses in good neighborhoods for 20k,  a car for 4k. You could get by on 10-15k a year.   That is over,  with the COL, taxes and other required "stuff" and the like. 

I'm 40 years old now,  as broke as I was when I was 20,  in spite of doing everything "right" (working, getting a college degree, not spending what I don't have, creating a small business).   I have nothing to show for two decades now,  and its only getting worse.   Frankly what could the elite and government steal from me now?  I know many people in my generation are no better off,  in spite of working, getting an education,  doing the right things.     Frankly being a sponge off society pays off better now a days.   sigh........

My generation will be the first to not be able to retire.   I know I will be working in my 70's and 80's.   Most people my age will find that they won't be retired but working in their old age.    There is no way that Social "security" will be around.

Some people may call me a whiner.   I may be,  but its the situation I am in, and I know I am not alone. 

[Weisshaupt]

My generation will be the first to not be able to retire.   I know I will be working in my 70's and 80's.   Most people my age will find that they won't be retired but working in their old age.    There is no way that Social "security" will be around.

Some people may call me a whiner.   I may be,  but its the situation I am in, and I know I am not alone.

It pays more now to keep money in a mattress that  it does to put it in a bank. What do you think that will do to the European Banking system? They are telling you tpo pull your money out. They might even think you might spend it to preserve it. And look GDP is up again this quarter! The can is kicked just a little bit more.  Winning!

I am 44. I too will never retire. But then I will probably be dead in my driveway long before reaching retirement age, so that's what it is.

[Glock32]

If it's any consolation, hardly anyone before the mid-19th century ever "retired" either.

[richb]

If it's any consolation, hardly anyone before the mid-19th century ever "retired" either.

I guess that's true, retirement,  like the American experiment is only going to be a blip in the wind of history.  A fart in the wind to be forgotten.

People in the future are going to be wondering why we threw this all away without losing a war or something........Well maybe they won't,  they will all be mindless drones.

[Weisshaupt]

If it's any consolation, hardly anyone before the mid-19th century ever "retired" either.

Yes, retirement was a result of a short lived prosperity - much of it borrowed from us and our children.
Not having a retirement doesn't bug me.  People demanding Social Security and the sort of retirement they have  become accustomed to expecting on my back and my children's backs, does however.

[Glock32]

If it's any consolation, hardly anyone before the mid-19th century ever "retired" either.

I guess that's true, retirement,  like the American experiment is only going to be a blip in the wind of history.  A fart in the wind to be forgotten.

People in the future are going to be wondering why we threw this all away without losing a war or something........Well maybe they won't,  they will all be mindless drones.

I've come to believe that the type of civilization we want, and the type which we indeed had for a time, is only possible in a frontier dynamic. The bold and ambitious are the ones who strike out into the untamed areas, and it's a classic example of what the darwinists call a founder effect. The new population has a highly disproportionate accumulation of certain traits compared to the parent population.

But really all our ancestors accomplished was to do the heavy lifting in taming a new continent that the less worthy could then occupy under more comfortable circumstances. The population genetics have now regressed to the mean and the "founder effect" is no longer so prominent. In other words, the locusts followed the farmers as they do and always will do.

The ideal situation would be if space colonization were feasible, because we're at the point of once again needing to strike out and away from the collective borg. But we're stuck here, so how we deal with the parasites is going to have to be an entirely novel approach. We may not even be able to defeat them, because their victory condition is so simple (i.e. just keep making more of themselves) but I'll tell you this much, for once in their pathetic lives they're not getting something for free.

[Libertas]

I'll have to remember that...Founder Effect...I like it.  And it sure seems to be true...prosperity and lack of new frontiers (space and the deep ocean being the only remaining undiscovered places) has brought us to the point where the locusts are multiplying faster than the means to support them...and only something bad will change that dynamic, the locust will never "dial it back" on anything...

Come what may...all they'll really deserve that is free is an ass-whuppin...or lead...or perhaps the one and then the other...

[warpmine]

In the same boat as Rich b realizing (always have) that I would be working until the day I croak or die in my driveway on a heap of spent brass cases. No sense investing in the market if it's gamed. Live for today and keep my family alive. Buying silver  a little at a time and looking for other metals that will be of value in the near future. Fiat is dead to me and I never miss an opportunity to joke with the tellers of whom most are clueless.

[Libertas]

Silver and gold got monkey-hammered down recently by the PTBs, still a good bargain.