by Matthew J. Belvedere
CNBC.com
The idea of central banks creating wealth by boosting asset values through low or even negative interest rates may prove costly for retiring Americans and those saving for their golden years, AIG Chief Investment Officer Doug Dachille told CNBC on Tuesday.
Dachille, head of the insurer’s massive $351 billion investment portfolio, said “all savers” are being negatively affected by easy monetary policies around the global.
“All this reduction in interest rates, while it’s certainly been good for the appreciation of the asset side of everybody’s balance sheet, unfortunately it’s increased the value of the liability side of the balance sheet,” he said on “Squawk Box.”