The rich don't like negative interest rates, are pulling cash out of Swiss banks

https://www.cnn.com/2020/01/23/investing/switzerland-cash-negative-rates/index.html

by RickJWagner • 6 years ago

13 5 6 years ago

cnn.com

cartercole• 6 years ago

who would have guessed people don't like it when their money evaporates

chopin• 6 years ago

The same people who are buying property at 40 times the yearly rent, though. I am sure this will work out well.

m0llusk• 6 years ago

It is darkly amusing that the actions of the wealthy are indirectly causing negative interest rates. Wealth, like fertilizer, needs to be spread around to do its magic. The only known robust solution to this problem is to invest in the general public and only governments are sufficiently large and broad to be able to do that. Neoliberalism is turning out to be yet another economic framework that is simple, neat, and wrong.

Fjolsvith• 6 years ago

One would think that the wealthy would invest in markets where they would at least have a return on their wealth.

javajosh• 6 years ago

So there are more hoards of cash in the world! Cool! I bet part of why rich peeps feel like this is realistically doable now is because of technology. They have a Nest or something and a smartphone and because they can access cameras at their house anytime they feel like they are more secure.

But what could happen is that an enterprising h4x0r (possibly one who works for one of these IoT companies) realizes that even better than peaking at dick picks, you could have a comprehensive catalog of who is keeping this cash and where. You could then either sell the data (cheap at first, expensive later) or act on it yourself.

My point is that if you're loaded and hiding cash on-site, you probably don't want a normal commercial IoT system. You probably want something built for you by the suitably paranoid people on websites like this one! (I suppose that's another security risk, though.)

The rich don't like negative interest rates, are pulling cash out of Swiss banks

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