The Deposit Fee
Jeffrey P. Snider's missive, from Dreaded Inflation to Aided by It spawned this comment: "Buying one asset class (debt) to juice another (equities) while having no discernible economic goal is, to me, a disaster. The money has value only to the extent that you are a speculator and indeed the money has zero intrinsic value whatsoever.
Of course Banks would charge the few who even have cash for deposits.
The Banker cannot lend into this scheme. Not without simply incredible risk. given that what choice did the SNB have but to break the peg? Even more ridiculous is the attempt to re-establish one. They're saying the money itself has absolutely no value save for in the context of being a currency trader. There is no added value here...this is simply a money changing scheme plain and simple."
Our response was: "Of course Banks would charge the few who even have cash for deposits."
In addition to monthly service charges to maintain an active account, whenever you make a deposit, cash or otherwise, you are charged a service fee. Yes, you must pay to deposit CASH in banking institutions.... in Italy.
Explaining why Italy will be right after Greece and why Italian post offices are swamped on the 1st day of each month by pensioners collecting their monthly stipend... IN CASH to keep under the mattress or bury in Lavazza cans next to the tomato plants.
The ensuing post office riot makes one think of a good use for the "retirement kit" we receive in the States and Canada at age 61. If you are unfamiliar, the kit contents are: map of all local ATM's and 24 hour convenience store locations, a ski mask, a pair of panty hose (in case the ski mask falls off) and a piece of wood shaped like a Glock with which to make withdrawal demands.
Of course Banks would charge the few who even have cash for deposits.
The Banker cannot lend into this scheme. Not without simply incredible risk. given that what choice did the SNB have but to break the peg? Even more ridiculous is the attempt to re-establish one. They're saying the money itself has absolutely no value save for in the context of being a currency trader. There is no added value here...this is simply a money changing scheme plain and simple."
Our response was: "Of course Banks would charge the few who even have cash for deposits."
In addition to monthly service charges to maintain an active account, whenever you make a deposit, cash or otherwise, you are charged a service fee. Yes, you must pay to deposit CASH in banking institutions.... in Italy.
Explaining why Italy will be right after Greece and why Italian post offices are swamped on the 1st day of each month by pensioners collecting their monthly stipend... IN CASH to keep under the mattress or bury in Lavazza cans next to the tomato plants.
The ensuing post office riot makes one think of a good use for the "retirement kit" we receive in the States and Canada at age 61. If you are unfamiliar, the kit contents are: map of all local ATM's and 24 hour convenience store locations, a ski mask, a pair of panty hose (in case the ski mask falls off) and a piece of wood shaped like a Glock with which to make withdrawal demands.
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