by Justin Spittler
Negative interest rates are here to stay.
As you probably know, negative rates are the latest and most radical government “stimulus” measure.
They basically turn your bank account upside down. Instead of earning interest on your money in the bank, you pay the bank to look after your money.
Central banks in Europe and Japan introduced negative rates to stimulate their economies. The idea is that people will borrow and spend more money if they have to pay a “tax” to save money.
But that’s not happening, according to a recent report by JPMorgan Chase (JPM). CNBC reported two weeks ago: