Governmental authorities dipping” into private savings accounts and removing 10% of their value is termed an “unthinkable solution” for banking issues in the United States.
For those who say, “It couldn’t happen here” I ask, “Where have you been?”
The “dipping” has been more clandestine and complicated, but the trimming of 10% from the savers of this nation has happened none the less. It didn’t happen in one day, but over the past 5 years.
The Federal Reserve has kept interest rates, by most estimations, 2% below what historically would be expected in today’s inflation environment. That percentage compounded over 5 years exceeds 10%.