I know it's a private bank, and nothing "Federal" about it. However recently there has been fighting and suggesting going to a Negative interest rate.
I've always wanted a higher interest rate(because I'm a big saver) but the interest is barely meeting depreciation over time.
So as I understand, a negative interest rate means they will charge me 50 cents every quarter to hold my money. How can this work? So many people would pull out of banks and put savings into Gold, Silver, and inside pillows.
How would this stimulate the economy? What will this do to mortgage Lenders?
I've always wanted a higher interest rate(because I'm a big saver) but the interest is barely meeting depreciation over time.
So as I understand, a negative interest rate means they will charge me 50 cents every quarter to hold my money. How can this work? So many people would pull out of banks and put savings into Gold, Silver, and inside pillows.
How would this stimulate the economy? What will this do to mortgage Lenders?