It Begins: German Bank 'Charging' Negative Interest To Its Retail Customers
vny!://www.zerohedge.com/news/2014-11-04/it-begins-german-bank-charging-negative-interest-its-retail-customers (//vny!://www.zerohedge.com/news/2014-11-04/it-begins-german-bank-charging-negative-interest-its-retail-customers)
Central bankers today have an equally delusional view of the world. Just three months ago, Mario Draghi (President of the European Central Bank) embarked on his own Quixotic folly by taking certain interest rates into NEGATIVE territory.
Draghi convinced himself that he was saving Europe from disaster. And like Don Quixote, everyone else has had to pay the price for his delusions.
On November 1st, the first European bank has passed along these negative interest rates to its retail customers.
So if you maintain a balance of more than 500,000 euros at Deutsche Skatbank of Germany, you now have the privilege of paying 0.25% per year... to the bank.
