Re: Halifax Building Society Archived Message Posted by Cobbett on April 25, 2020, 5:31 pm, in reply to "Halifax Building Society" And with stated CPI currently at 1.5% https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/march2020, that means we are in fact suffering a negative interest rate, and have been for some time - a tax on saving. But of course most people realise that figure of 1.5% isn't the true figure of inflation, which realistically is likely somewhere in the region of 6 - 10%. A punishing YoY loss of purchasing power. So, the possibility of a low income worker putting a bit aside each year for a old age and benefiting from compound interest (as used to be the case) at rates that were >5% only a decade or so back is destroyed. So we now get compound YoY losses in purchasing power instead! And wait to see what will happen with out of control money printing, which I believe will precipitate the destruction of fiat currencies around the world. Fans of MMT believe this is nonsense of course. That doesn't mean I'm in favour of Austrian School economics either. There are plenty of options outside of this apparant binary choice. At the moment, the patient (most of us) is being bled in order to transfer more and more wealth to the <1.0%. Message Thread: Halifax Building Society - Mary April 25, 2020, 3:58 pm Re: Halifax Building Society - Cobbett April 25, 2020, 5:31 pm "Actually-existing capitalism"....nm - Keith-264 April 25, 2020, 10:07 pm   Searching