Things just keep getting rougher for average citizens in Europe. Some have faced government seizure of accounts to help fund government operations and requirements that they explain withdrawals to their banks. Now, the European Central Bank (ECB) is imposing a negative interest rate on banks for their deposits. So, you can keep your money under your mattress or put it in a bank where the bank will use it to earn money while charging you for the pleasure. This is of course the central bank which directly relates to individual banks as opposed to individual depositors. Those banks will now pay to park their money and those costs will be passed along to depositors. Banks are likely going to try to hide the fact that the interest rate is now negative through fees and other measures.
The ECB cut the rate on its deposit facility for banks from 0 percent to minus 0.10 percent. It also cut its main interest rate to from 0.25 percent to 0.15 percent as well as cutting the rate on its marginal lending facility by 35 basis points to 0.4 percent from 0.75 percent.
It is an interesting situation where banks will now be treated as solely a safe place for holding your money but you will pay for the service as a fee. Much like the airlines where aspects of what was once viewed as the basic service are being converted into fees, banks will now be treated as akin to a safety deposit box. However, unlike airlines or safety deposit boxes, the banks are making money off the deposits. It is a fundamental change in function of banks.
I have long been critical of the tax increases and measures in Europe that will likely have displacement impacts on investments and movement of citizens and businesses. In this case, I would expect people to look for alternatives from Internet banks to foreign banks.
Jim:
That’s a good point.
Let’s consider how people are so willing to tax others instead of themselves. They claim the rich have “too much”.
Well, if they’re middle class, there are people worse off who think that THEY have too much. I wonder how they would feel if people clamored that they should not be allowed to buy a more expensive hybrid or LEFE car, or put an expensive solar panel on their roof, have a pool, a second car, an extra bedroom, or anything else that others feel is “too much.” Maybe owning a home instead of renting would be “too much.” Or having a kid in private school or club sports. Would they be as understanding when it was their turn?
Karen,
You just have to realize that the people here you are fighting just love the class warfare that this administration spews. They for some reason have guilt for their own success, advantages and greed. I don’t I know it is a unfair and unequal world so I find my advantages and exploit them. They can’t or are unwilling to see that their policies of a govt. that prints money causing the value of the dollar to drop is a way of taxing us all or the policy of keeping interest rates low so that that only place to put you money is in the stock market makes their hated/envied rich richer. President Obama has done plenty to hurt the middle class, he just does in a way that is to complicated for the average citizen to know it is happening to them. Then he makes false enemies out of the people who react to his policies. To me, it is a form of racism to think that all business owners or corporations are bad.
They live in some kind of world where Lennon’s song “Imagine” is attainable. But if you read the lyrics to that song, it really sounds like a dreadful boring place.
Darren asked a while back who is for raising taxes on themselves and just about everyone who said they would pay more had some kind of “condition” attached to it. It makes me laugh that they just are unwilling to open their own wallets over ours.
You are jealous of rich people. You want their money. You think if you complain enough and/or beg enough you will obtain their money. Your parents didn’t teach you to get a job and take care of yourself. You are upset that the American Founders established self-reliance rather than governmental provision. It is called parasitism.
Where do people learn this stuff?
We can’t all go out and prepare (i.e. educate) ourselves at our own expense, get a job, negotiate with prospective employers, accept or reject a position and take care of ourselves?
How did the human race make it for 200,000 years without some kind of self-reliance, discipline, desire, ambition, personal capability, etc.??? If we were all put on this planet to get welfare, affirmative action and pay and benefits through the union, how did we make it as cavemen??? Did cavemen get welfare? Did cavemen go on strike? Maybe they went on strike against God. A job action against God with picket lines. I can see it all now. Damn. If you don’t want the freaking job, “don’t let the door hit ya where the Good Lord split ya.”**
Unions are thugs. The only weapon they have is thuggery. Organizations that negotiate with and acquiesce to unions are succumbing to criminals. Unions strike and engage in thuggery strategically, then spread the wealth through “comparable pay” concepts. No group of workers needs union representation. No individual needs constant ongoing legal representation throughout his life. The military has conducted the most serious of business operations for millennia without union representation for its workers. Corporations don’t need unions to employ workers and conduct operations. Corporations set pay at levels that attract workers (no more, no less) and redress of legitimate grievances is what the judicial branch is for. Unions are thugs that have illegally and unethically forced their will on companies, workers and the economy.
No governmental worker should be allowed to unionize. The military does not allow unionization. Government was designed to be severely limited and governmental work was never intended to make people wealthy. Government was never intended to operate a business or entire industry, such as those of education, charity or healthcare.
** Nick Spinelli
Whew!!! That was exhausting! Thank you for bearing with me.
John I restored your comment at 3:58.
So let’s follow this analysis . . . when Unions donate massive amounts of money to the Democrats, that is BAD. When the Billionaires and Kochs donate even MORE massive amounts of money to GOP, that is GOOD. Buying Republican politicians who then turn around and give the rich unsustainable benefits packages is GOOD.
I love the “one way for thee, another for me” mentality.
Thank you Citizens United.
So let’s follow this analysis . . . when conservatives donate massive amounts of money to the GOP, that is BAD. When unions donate even MORE massive amounts of money to Democrats, that is GOOD. Buying Democratic politicians who then turn around and give unions unsustainable benefits packages is GOOD.
I love the “one way for thee, another for me” mentality.
Oh, sure, the unions “protect the working class” when they protect convicted teacher pedophiles. The long list of their abuses is “protecting the working class” like when they force all of their members to bundle campaign contributions to Democrats against their will.
The unions protect the unions, not the workers.
And China has such solid laws that protect workers, OHSHA, etc, just like in the US. . . oh, wait . . .
Oh, well there’s an analogy that makes sense. Let’s compare us with China. Because there are NO jobs or industries here in the US that are non-Union that we can compare with.
Who do the biggest donors contribute to by using Citizens United to protect their free political speech? Who do the Kochs contribute to? Boogeyman men, the Unions and the Kochs. The left hate the Kochs who protect the rich and the right hate the Unions who protect the working class. Whose rights are in bigger jeopardy?
Annie – those hated Koch Bros just donated $25 million to the United Negro College Fund. Horrible, horrible people. They must be tracked down and destroyed.
Citizens United protects Unions free speech also, ah those unintended consequences.
Annie wrote: “Citizens United protects Unions free speech also, ah those unintended consequences.”
I think that was an intended consequence of Citizen’s United. Why would you think otherwise? Not everyone lives their lives in bigotry.
Karen
Try someplace where they don’t have unions. Red China.
RTC:
“does that look like Hungarian to you?” Is that your thoughtful post?
You appear to not be following the thread. What do you find confusing about my position that paying someone half a million dollars to stack chairs or move objects from A to B is absurd, and a prime example of union highway robber? I have listed example after example, and all you’ve said is every corporation needs to be reformed. They have driven several cities actually bankrupt in CA, but you think today is when unions are needed most?
Do stage hands at Carnegie Hall travel???
If we go the route of reforming corrupt unions, then let’s:
A) make it illegal for them to mandate political donations from their members. This has forced members to donate to Democrats in what is essentially bundling against their will. In the few cases where donations were made voluntarily, most abstain.
B) never allow them to make their members unfireable. The workplace should be a meritocracy – do a good job and get ahead. Do a bad job and get replaced if you will not or cannot improve. Why should kids get stuck with bad teachers, getting held back or losing their love of learning?
C) Remove collective bargaining. Under threat of strike, unions have repeatedly forced pay and benefits packages that are unsustainable, and sink entire cities and businesses. It’s like negotiating with the mob. And if employers try to hire someone else, they’re labelled “scabs” and assaulted.
Here is how jobs work. An employer lists a job, its pay, benefits, and responsibilities. People who are interested voluntarily interview and a match is made. It is the employer’s business, and he or she can hire whomever they like. Higher pay attracts higher quality workers. No drama.
Now imagine the good ‘ole union model. Let’s use this as an analogy. You hire a nanny. She does a horrible job, watching R rated movies while your toddlers play in the street. You CANNOT fire her, because she works for the union. She costs 4 times as much as a non-union nanny, but you are forced to hire union. There is NOTHING you can do about it. As an employer, you are helpless. Your kids, as clients, are helpless. You just have to keep overpaying while she underperforms.
I appreciate that every citizen has a breakthrough idea at least once a minute. The problem here in America is that we are compelled to implement the intent of the Founders, the Preamble and the Constitution. You don’t get to nullify the Constitution with your vote. The Constitution does not grant you possession of other people’s money to spend as you choose.
The Preamble and Constitution limit government to security and infrastructure (general welfare, deliberately excluding individual welfare) and secures our “blessings of liberty” which include our endeavors, businesses and industries, including those of education, healthcare and charity, conducted in free and open markets without governmental interference.
The Constitution provides the right to private property, including moveable or personal property or money. Jefferson stated that moveable property was “admitted” before a nation was constituted. You can’t confiscate private property from one man to give it to another as it would then be public property. Government can’t take or control a person’s “blessings of liberty” which are his endeavors, businesses and industries. The “blessings of liberty” were not secured to government.
The only things American shall pay taxes for are security and infrastructure. All other expenditures are private and discretionary including those for education, healthcare, charity, food, shelter, transportation, clothing, etc., etc.
Freedom mandates self-reliance. Desire motivates. Government is limited.
Schulte: you were never a stagehand. A roadie for a local garage band, maybe. Stagehands don’t make a half million dollars by walking slowly.
Keeping up with your posts is not something I aspire to do. It’s more like they get in my way as I read some of the legit commenters.
RTC – you need to keep up on my posts. You seem to be falling behind both on post and information.
Whoever pulled my post to Karen out of the hopper, thank you, thank you very much.
Schulte: Whatever, man. My union pays its unemployed guys to man picket lines and they don’t even pay minimum. They get a stipend. They’re expected to do it in support of a good cause. Just go back to insulting Reagan, will ya?
Sorry feyman, I thought you were talking about the movie starring Rod Steiger. I didn’t know there was a play, much less that Denzel Washington was in it. I’m not really up on my theater these days, or movies, or music. Or sports. Pretty much just the Turley blog. Not even that so much lately.
What can I say. It’s growing season and I’m out looking for cool plants in bloom.
Say, listen; i hope someone can rescue my post to Karen. It’s one of my best.
RTC
C’mon. You’re one of my favorites. What’s with the implication that you only see a play once? This production has Denzel and LaTanya Jackson. I’ve seen several productions before. I’d love to see this one.
Which productions of Raisin have you seen?
feynman: Obama hasn’t seen Raisin In the Sun? Does anybody else think this is odd?