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This is big ha ha haha ha haha..tasman1

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#1 by tasman1 » Fri Jul 05, 2019 23:11

Money, money , money


'Don't Worry We Can Just Print More Money' – Swedish Central Bank Ponders -1.5% Interest Rate

F..k what a joke

At a press conference on Wednesday, the head of the Swedish Central Bank admitted that interest rates could potentially go as low as -1.5%, and quipped that Swedes likely wouldn’t even protest. Other countries implementing negative interest rate policies are producing lukewarm results that don’t address the root causes of currency devaluation. Nor do they change the bleak overall trajectory of fiat financial systems across the globe.

A Dreary Forecast, But Too Lazy To Care ....... ha haha , new funy world

Stefan Ingves, governor of the Swedish Central Bank, implied on Wednesday that Swedes are too comfortable to be concerned about negative interest rates. Citing the convenience of online banking and mobile payment systems, Ingves doesn’t think people will be hiding money in their mattresses anytime soon. This observation followed his confirmation that Sweden could possibly go from -0.25% all the way down to a -1.5% interest rate if deemed necessary

Yields on 10-year government bonds in Sweden dipped below zero the same day Ingves made his remarks. At the same time in Denmark, where the national interest rate is -0.65%, yields on all government bonds were plunging into negative territory in a historic, if depressing milestone.

Switzerland, Denmark, Sweden, and Japan are all experimenting with negative interest rate policies (NIRP) in bids to stimulate uniquely embattled economies. Due to an influx of safe haven-seeking capital, the Swiss franc has appreciated over 80% against the USD in the last decade. To balance this effect, the Swiss National Bank has interest set at -0.75%. The Bank of Japan has continued at -0.1% as of mid-June. NIRP is a relatively new tactic, with Sweden being the first to try it, cutting into negative territory just 10 years ago.
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#2 by valerie » Sat Jul 06, 2019 06:44

That's heavy. I never realized there was such a thing.
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#3 by Arvind9 » Sat Jul 06, 2019 08:00

India will also come to that in time most people dont realize it but what is more astounding that people earning above Rs 2,00,00,000 will have to pay 46% tax no where in the world taxes are so high,there are 10,000 people earning 2,00,00,000 but one wonders will the rich pay or the government is just eyewashing common people's eyes.
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#4 by Darkstar2 » Sat Jul 06, 2019 08:27

Arvind9 wrote: India will also come to that in time most people dont realize it but what is more astounding that people earning above Rs 2,00,00,000 will have to pay 46% tax no where in the world taxes are so high,there are 10,000 people earning 2,00,00,000 but one wonders will the rich pay or the government is just eyewashing common people's eyes.

That is incorrect - taxes are even higher here, and in my province, you do not even have to be rich to pay that much taxes, in fact here the rich are the ones paying the least because of credits, particularly companies. Over here if you earn above a certain point you are basically "donating" more than half of your income to the government, because each province here pays both provincial AND federal taxes. Example, someone earning $100k can expect to pay almost half in income tax, and $100k is not being rich here. Here we have high income tax AND high general tax. The consumer tax in this province is slightly above 15% ! and work income tax brackets can range from 19% to above 45%, so here basically the POOR pay 19% from the get go. You'd have to earn below $15k-$16k not to pay taxes income tax, though you will still pay it in some other form when you buy stuff. Over here in this province even corruption is paid for by the tax payers, roads here are in dire conditions, health care is in agony, people are dying because they cannot get treatment, yet even with the lotteries and casinos bringing in billions of $ profits, we still are the poorest and most taxed province. As far as negative interest rates, we kinda have this in North America, but it is more subtle, the interest rates are positive, BUT with the monthly banking fees it negates any tiny positive interest. For instance here a bank which I will not specifically name, can charge $4 per month fee whether you have $1 or $5 million in your bank account, they used to waive this fee when you had $1k or more, but for years now they removed that policy and charge a fee for everyone despite this bank making trillions in profits ! If you have a regular bank account here at tiny fractions of percentage interest, combined with the monthly fees, it's equivalent to a negative interest rate. If you have a high yield savings account and a good balance, then yeah it is worth it.
Last edited by Darkstar2 » Sat Jul 06, 2019 08:54 » edited 2 times in total
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#5 by valerie » Sat Jul 06, 2019 09:14

The bank I bank at pays me $2.00 per month if I don't write over 5 checks per month.
Rarely do I write a check. I guess it saves them money in the long run not to process
checks.
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#6 by tasman1 » Sat Jul 06, 2019 15:34

Arvind9 wrote: India will also come to that in time most people dont realize it but what is more astounding that people earning above Rs 2,00,00,000 will have to pay 46% tax no where in the world taxes are so high,there are 10,000 people earning 2,00,00,000 but one wonders will the rich pay or the government is just eyewashing common people's eyes.



Think top tax is paid in Finland , over 50%

Negative interest rates started long ago in Japan , now they are in many countrys and soon wil be all over the world

In September 2014, the ECB [European Central Bank] lowered its deposit rate to its current level of negative 0.2 percent. More recently, in late 2014 and early 2015, the SNB [Swiss National Bank], DNB [Danmarks Nationalbank], and Riksbank reduced their policy rates to levels below zero, with the SNB and DNB setting their rates at negative 0.75 percent.2 ...

The central banks implement their negative rate regimes in different ways, but in each case some of the bank reserves on deposit at the central bank are subject to negative rates.

Few on list
Japan
Switzerland
Sweden
Denmark
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#7 by tasman1 » Sat Jul 06, 2019 15:39

In Australia interest rates are now 0.75 .. gone down last 2 month and will go down more this year

All this is telling us how ,,good,, is economy doing in this new world
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#8 by Darkstar2 » Sat Jul 06, 2019 17:49

valerie wrote: The bank I bank at pays me $2.00 per month if I don't write over 5 checks per month.
Rarely do I write a check. I guess it saves them money in the long run not to process
checks.

This is amazing Valerie, I guess this can be considered negative fees, since they are paying you a fee :D So this $2 is not actual monthly interest is it ? So this is $2 on top of interest, that's nice........ We don't have that here, in corruption land, here the banks gauge you with fees whether you use your account or not, rip off artists !!! Whether you have $1 or $1 million in your account you WILL pay monthly fees. I have a checking account, and I write 1 check per year - whether I write checks or not, they charge me $3.99 per month those crooks ! it's not about the checks it is general account fees :D I don't even use booklets anymore it's all electronic, so you'd think it's less costly for them, nope, they are greedy.

As far as negative interest rates, I think this is going to be a reality in Canada, it IS actually for most people since major banks removed the "fee waived with $1k minimum" years ago,
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#9 by dutch1898 » Sat Jul 06, 2019 19:09

The 2 credit unions I deal with have a golden seniors account and do not charge me any fees at all.
A little benefit of getting older.
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#10 by valerie » Sat Jul 06, 2019 20:42

It depends on the bank and their plans. Lots of banks here with many different
plans. Not all banks but many do offer free checking accounts to senior citizens
and few do offer a small payment if you write limited number of checks per month.

My checking account is free since I am in the senior citizen category and I receive
an automatic $2 per month in my checking account as long as I do not write over
5 checks per month. There are a few other checking account options at my bank
but this is the one I chose. The only way I would be charged a fee is if I made
a lot of atm withdrawals or had an overdraft. Also, my first set of checks are
free and I may never need another set anyway. The $2 has nothing to do with
interest....it saves them money from processing checks.
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#11 by Nikorj » Sun Jul 07, 2019 01:22

valerie wrote: It depends on the bank and their plans. Lots of banks here with many different
plans. Not all banks but many do offer free checking accounts to senior citizens
and few do offer a small payment if you write limited number of checks per month.

My checking account is free since I am in the senior citizen category and I receive
an automatic $2 per month in my checking account as long as I do not write over
5 checks per month. There are a few other checking account options at my bank
but this is the one I chose. The only way I would be charged a fee is if I made
a lot of atm withdrawals or had an overdraft. Also, my first set of checks are
free and I may never need another set anyway. The $2 has nothing to do with
interest....it saves them money from processing checks.

Sounds like a nice benefit.

Banks in Denmark don't differentiate between senior's and non-seniors, All pay the same fee and most banks have a quarterly fee for all their costumers.


Checks have also been outphased (unless they are from other countries), unless you specifically invest your money in optons or stocks there are no interest to be gained anymore.


We pay our banks for just holding our money.
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#12 by valerie » Sun Jul 07, 2019 06:52

So in Denmark, you only use debit cards and online bill pay and perhaps automatic withdrawal for payments?
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#13 by Nikorj » Sun Jul 07, 2019 09:44

valerie wrote: So in Denmark, you only use debit cards and online bill pay and perhaps automatic withdrawal for payments?

True!!

Even manually withdrawing from a branch is nearly non-existent, Most branches are not even dealing with it anymore.


You can still withdraw from an ATM of course!, But slowly we also experience more stores that don't accept cash at all.


Very few are doing transactions the old way, So we are more and less forced to have a online-net bank (I think it's pretty intentional).
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#14 by Darkstar2 » Sun Jul 07, 2019 10:07

dutch1898 wrote: The 2 credit unions I deal with have a golden seniors account and do not charge me any fees at all.
A little benefit of getting older.

There is no benefit for getting older in Canada unless you have over $2.5 million (MINIMUM) in your RRSPs, and possibly 5x that if you want to live a decent retirement. Yes the elderly have some benefits and banking fees waived depending on bank, but they rely entirely on their savings if they are not working, nobody can go far with the low Canada pension anyway, and with the skyrocket, ridiculous housing prices and staggering cost of living MANY people at the age of retirement are in the dumps. There is no benefit getting old unless you have wealth. Why such a high wealth needed ? Simple, to pad for inflation, recession proof, volatile markets, people who brag about $100k-$200k in their RRSP are delusional, assuming the average person retires at 65, and the life expectancy is 80-85, imagine the power of your money 20 years down the line if you calculate the yearly inflation, and the probability of a recession or two in that time period + market falls, etc, if you don't have enough wealth to cover you, you are cooked, so no real benefits getting older without wealth - This does does not apply only in Canada. One might argue that in Canada there is free public health care - uhuh, that's why people are flying in flocks to other countries to get treated PROPERLY and TIMELY to avoid DYING, that's why there are tons of people dying in emergency rooms because there is not enough doctors, staff, rooms available. The elderly still have to pay for their medication, and for some it can mean $500+ a month in costs. So yeah unfortunately wealth is everything, sadly not many people are saving money at a young age, they want to party, show off and spend like crazy and pile debt :/ I see the way elderly people get treated in this country, so much that I hope never to reach that age myself, it's DISGUSTING to say the least. It's like past a certain age, they are not considered human anymore, I would hope never to reach that age where I must rely on others and be treated like crap.
So what were those benefits of getting old ? :mrgreen: There is no middle class here, the only benefits come with money, I would never have the nerves of steel to work in elderly care centers, I've seen too much already and it is disgusting at the DIRE living conditions, exception the smaller % of elderly who stay in their home and manage to keep their autonomy for a while longer, but eventually they all end up in the care of others.
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#15 by valerie » Sun Jul 07, 2019 13:10

Nikorj wrote:
valerie wrote: So in Denmark, you only use debit cards and online bill pay and perhaps automatic withdrawal for payments?

True!!

Even manually withdrawing from a branch is nearly non-existent, Most branches are not even dealing with it anymore.


You can still withdraw from an ATM of course!, But slowly we also experience more stores that don't accept cash at all.


Very few are doing transactions the old way, So we are more and less forced to have a online-net bank (I think it's pretty intentional).

WOW! Ok thanks for that info, I did not know that.
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#16 by valerie » Sun Jul 07, 2019 13:13

Well. Canada sure looks like a beautiful place to live but perhaps that is all. :o
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#17 by Darkstar2 » Sun Jul 07, 2019 13:41

valerie wrote: Well. Canada sure looks like a beautiful place to live but perhaps that is all. :o

It depends on the province, in some it is indeed, though crime rate is staggering in some provinces. Housing is very strong - prices for homes are so overrated and overvalue - I mean it is ridiculous, there was a time when you could purchase a decent house for $80k-$100k, giving you a good margin to remodel and pay off in as little time as possible. Now you have very old homes in dire conditions needing massive repairs, still being sold on the market for $400k+++, it's ridiculous, you have apartments (condos) that are basically cardboard box space, tiny spaces and sell for $200k-$300k on top of the $300-$500 monthly condo tax + the expensive repairs you have to pay (common areas) + insurance + + +. And if you are unfortunate that you cannot afford to buy a house or apartment, then you are stuck with rent - here in this province, even in slum areas with buildings in dire conditions and filth $800-$1k. We have corrupt governments on all levels who are catering to their own interest and their friends instead of doing anything about the economy, jobs and poverty, of course we inherited huge debt thanks to yours truly the liberals which have destroyed the country's finance - Some parts are a beautiful place, of course there is the public health care which is a big plus, though it is not really free as it is funded by tax payers, though if you require a lot of medical attention it is a bargain - otherwise housing is high, utilities are high, cost of living is high, taxes are high. of course some parts of the U.S. are also very expensive too, take New York for example, only the wealthy can buy a decent home or apartment there, the prices are crazy, BUT at least their buildings are better built and bigger, some apartments are bigger than actual homes :D Here, some prisons are bigger than some apartments :D
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#18 by valerie » Sun Jul 07, 2019 16:12

Too much population, don't ya think?

Places to live in New York are expensive but when we say New York in the USA we
are referring to the New York, New York. Primarily the big city and near surrounding
area. I would guess that houses in New York State, is much much lower priced.

If people would stop buying, people would either stop selling and stop selling at
such an extravagant price.

I became interested in a program 'Alone'. Netflix has two seasons of it but not
any more. They drop people off alone on Vancouver Island. So beautiful.
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#19 by Darkstar2 » Sun Jul 07, 2019 20:59

valerie wrote: Too much population, don't ya think?

Places to live in New York are expensive but when we say New York in the USA we
are referring to the New York, New York. Primarily the big city and near surrounding
area. I would guess that houses in New York State, is much much lower priced.

If people would stop buying, people would either stop selling and stop selling at
such an extravagant price.

I became interested in a program 'Alone'. Netflix has two seasons of it but not
any more. They drop people off alone on Vancouver Island. So beautiful.

People are crazy to spend so much money in homes at that price when they are in dire need of renovation, imagine now buying a standard home for $500k, even though knowingly you know that you probably will end of spending another $100k in repairs alone, and that is not even remodels yet. People ACCEPT to be ripped off, the more people buy the more prices increases, until people stop buying and things settle and the real estate bubble explodes. Then you have banks offering lower interest rates, people just pile debt and rather spend their entire life repaying their home. Affordable housing is something that is lacking - middle class is disappearing - you either have wealthy people living in decent homes or poor people living in the slums or on the street.....and the so-called affordable living areas are mostly buildings infested with rats, bed bugs, mice, cockroaches and other rodents.

As far as Vancouver, yeah nice areas, but crime rate is high there, housing is very high there too. It's crazy that people have to spend $400k-$500k to buy mostly 50-100 year old homes that need SERIOUS repairs. There used to be a time where you could build a brand new home for under $200k. Greedy people are destroying the economy. There is usually a median price for housing in a specific area, but you have the odd owner who's house is officially valued at $300k, but wants to sell it for $600k, and strangely enough there are cases here which have succeeded, old shitty homes that are small, tight, probably requires serious foundation repairs, landscaping,etc, it's disgusting, and people buy, that's fine they never can repay that anyway, 30-50 year mortgages, either that or there are wealthy people ! Of course wealthy people pay little taxes so they can afford it I guess.

There used to be a time where you could buy a decent house fro $80k-$100k requiring very little repair, now home owners here are selling their crap and new owners are expected to paint, roof, fix foundation, landscape, remodel.
People are buying homes as investments now, too much greed and over valuation of housing is NOT helping matters, it is only helping the real estate market, the agents and the sellers. Imagine in 10-20 years from now most homes will be worth close to a million, how the hell can we expect next generation of young families to establish themselves in a decent home, it is unlikely that in 10-20 years salaries will increase - nope, inflation will continue at the rate of 2%-3% per year, cost of living will go up, how will people pay for rent, housing, etc.........

Homes are valued far more than their worth, some homes here should be valued at no more than $180k-$200k, YET, they are being sold and valued to over $450k ! Once that real estate bubble explodes, who's going to get F.I.T.A. those buyers who have stupidly purchased a $600k home that was actually worth $200k.

Another housing crisis is expected eventually.
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#20 by valerie » Sun Jul 07, 2019 21:22

There sure is a lot of buying going on, that I do know from experience.
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