Boges Posted October 29, 2015 Report Share Posted October 29, 2015 http://business.financialpost.com/business-insider/people-in-sweden-are-hiding-cash-in-their-microwaves-because-of-a-fascinating-and-terrifying-economic-experiment Sweden is shaping up to be the first country to plunge its citizens into a fascinating — and terrifying — economic experiment: negative interest rates in a cashless society. The Swedish central bank held its benchmark interest rate at -0.35% today, the level it has been at since July. Although retail banks have yet to pass on that negative to rate to Swedish consumers, the longer it’s held there the more financial pressure there is for banks to pass the costs onto their customers. That’s a problem because Sweden is the closest country on the planet to becoming an all-electronic cashless society. Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal. Swedish banks have started removing cash ATM machines from rural areas, annoying old people and farmers. Credit Suisse says the rule of thumb in Scandinavia is: “If you have to pay in cash, something is wrong.” So does that mean, if you want to finance a car with no money down, the car dealership actually has to give YOU some money back first? And with an interest rate that's negative, what incentive does anyone ever have to pay back a loan? With Denmark being hostile to immigration and Sweden not allowing people to have cash and having negative interest rates, is Scandinavia really the type of society we should emulate? Quote Link to comment Share on other sites More sharing options...
Moonlight Graham Posted October 29, 2015 Report Share Posted October 29, 2015 With Denmark being hostile to immigration and Sweden not allowing people to have cash and having negative interest rates, is Scandinavia really the type of society we should emulate? The statistics speak for themselves. Quote Link to comment Share on other sites More sharing options...
Argus Posted October 29, 2015 Report Share Posted October 29, 2015 With Denmark being hostile to immigration and Sweden not allowing people to have cash and having negative interest rates, is Scandinavia really the type of society we should emulate? Evidence Denmark is hostile to immigration? Quote Link to comment Share on other sites More sharing options...
overthere Posted October 30, 2015 Report Share Posted October 30, 2015 Evidence Denmark is hostile to immigration? http://www.dw.com/en/denmark-takes-action-against-refugees/a-18702816 This is recent, but Denmark has long discouraged the brown man from residency and citizenship is pretty much impossible. Skilled workers are more welcome. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.