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 Why banks may start dropping money from the sky

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RR Phantom

RR Phantom

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PostSubject: Why banks may start dropping money from the sky    Why banks may start dropping money from the sky Icon_minitimeTue Mar 22, 2016 3:47 am
Ken Courtis went to the bank on Saturday. He wanted to withdraw some cash. Nothing unusual so far.  

Why banks may start dropping money from the sky 1458551426198

But this was Japan, and Japan is a pioneer in passing through the looking glass into the weird world of negative interest rates. So instead of paying Courtis interest on his money, his bank did the opposite. It extracted interest from him. When he took 50,000 yen – about $600 – the bank charged him 1 per cent interest. It also took a further quarter of a per cent as a processing fee.

"I refused to pay both," relates Courtis. It wasn't that he didn't understand the concept of negative interest rates. It was simply that the economist, former Goldman Sachs dealmaker and long-time Tokyo resident didn't want to pay.

Read more: http://www.smh.com.au/comment/why-banks-may-start-dropping-money-from-the-sky-20160321-gnnbm4.html#ixzz43cF7BkMs
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