by Shah Gilani
The U.S. Federal Reserve’s low interest rates – the same ones that caused the credit crisis and Great Recession – are absolutely killing savers, retirees, and the economy.
A landmark report from insurance giant Swiss Re shows how the Fed’s misguided interest rate policies cost savers $470 billion in forsaken interest income between 2008 and 2013.
Based on Swiss Re’s math, by the end of 2016 savers, retirees, and pension funds will have been shortchanged by an astounding $752 billion.
Swiss Re calls the Fed’s actions “financial repression.”
I call it tyranny.