If you have recently been trying to find a home for a maturing bank account, you will have found it impossible to find an account which pays a rate of interest that will compensate for the detrimental effect of inflation.
And it's not as if inflation is running high, in fact it's currently at 0.7%.
Many banks are now refusing to pay any interest at all on instant access accounts, and most are offering pitiful rates of 0.4% even if you tie your money up for 3 years.
National Savings and Investments (NS&I) is one of the worst. It is offering a return of 0.55% gross on a Guaranteed Growth Bond if you tie your money up for 5 years! That means you have to tie your money up for 5 years in order to make £27 of interest on every £1000 you invest.
Most people would not consider it worth putting £1000 in an account for 5 years if all they make is £27! So they will instead take the money out as cash.
This is a crisis that is developing and the government appears to have taken its eye off the ball.
It should be obvious to the government that if everybody withdraws their savings, there will soon be a run on the banks.
Add in the fact that inflation is likely to soar with a no-deal Brexit as a result of all the tariffs on imported goods, and there will be no one wanting to tie their money up for any length of time.
The government is asleep at the wheel. It is fiddling while Rome burns.
Throughout this coronavirus pandemic, governments throughout the world are being encouraged to deliberately bankrupt themselves by taking on massive debt, so that a New World Order and global government can be established. As has been the case for millenia, the true masters of the world are the bankers.
This impending run on the banks is not only being allowed to happen, it is being actively encouraged.
There is little the ordinary man or woman in the street can do.
Whilst the Financial Services Compensation Scheme (FSCS) claims it will cover any losses up to £85,000 per person, it will not be able to do so if every bank goes bust.
The great global reset will have established itself.
And we the public, will be left with nothing.
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