The 14 Words

Wednesday, 14 August 2013

Jewish Usury in action

The £170bn secret raid on your savings: How keeping rates at a record low is a government ploy to pay off its debts.

A stealth raid by the Bank of England has stripped savers of more than £170billion, a Money Mail investigation can reveal.

By slashing the base rate to a record low of 0.5 per cent and allowing the cost of living to soar for more than four years, the Bank has whittled away the value of cash sitting in High Street accounts through a ‘secret tax’.

And it is not just savers who have effectively had their money pinched. Anyone who has a fixed monthly income, such as pensioners, or has had a tiny pay rise, has also lost out.

Someone who earned £20,000 four years ago is now £804 worse off. A retired person living off a personal pension of £550 a month has lost £1,236 a year. A saver who has kept £10,000 in the best easy-access account has seen the value plunge by £1,243.

The money pickpocketed from savings and wages through this cunning attack is being used to pay off the nation’s debtors, including our own Government. This grab is about to get worse, too.

Last week, the Bank of England’s issued forward guidance - the first time it has ever taken such a radical step - and indicated that interest rates could remain low until 2016. The new governor, Mark Carney, has formally linked the base rate to unemployment rather than inflation.

As such, rates are unlikely to move until Britain’s jobless total is less than 7 per cent of the working population. This also allows the Bank to keep rises in the cost of living unchecked unless they climb above 2.5 per cent for the long term.

At current levels, savers would be stripped of £35billion a year. If the cost of living soars further it could slash billions more from the incomes of the prudent and hard-working.

Dr Ros Altmann, a former Downing Street pensions adviser, says: 
‘What we are seeing is a massive redistribution of assets from savers to borrowers.

‘Every time the cost of living outstrips pay rises or interest on High Street accounts, money disappears out of the pockets of people who have been prudent into the pockets of those who have big debts to pay.’

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