by Simon Black
Sovereign Man
Just stunning.
German newspaper Der Spiegel reported yesterday that the Bavarian Banking Association has recommended that its member banks start stockpiling PHYSICAL CASH.
Europe, of course, has been battling with negative interest rates for quite some time.
What this means is that commercial banks are being charged interest for holding wholesale deposits at the European Central Bank.
In order to generate artificial economic growth, the ECB wants banks to make as many loans as possible, no matter how stupid or idiotic.