[2015-09-18] Negative interest rates could be necessary to protect UK economy

[LiteCoinGuy]

Negative interest rates could be necessary to protect UK economy, says Bank of England chief economist

 The Bank of England may need to push its interest rates into negative territory to fight off the next recession, its chief economist has said.

Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.

http://www.telegraph.co.uk/finance/bank-of-england/11874061/Negative-interest-rates-could-be-necessary-to-protect-UK-economy-says-Bank-of-England-chief-economist.html

[odolvlobo]

The article has little to do with Bitcoin except for this mention:

It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said, adding: "What I think is now reasonably clear is that the payment technology embodied in [digital currency] Bitcoin has real potential."

[chennan]

The article has little to do with Bitcoin except for this mention:

It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said, adding: "What I think is now reasonably clear is that the payment technology embodied in [digital currency] Bitcoin has real potential."

Any press for bitcoin is good press, imo.  I think this movement for blockchain technology over in that area of the world is taking a movement, because of the whole Barclays potential adoption of the blockchain for banking transactions.

[DooMAD]

Abolishing cash?  Screw that charade.  That would simply force complete reliance (for anyone not involved with crypto, anyway) on a corrupt financial sector that has proven time and again it can't be trusted.  Maybe people wouldn't hoard their cash if banks weren't royally fucking everything up.  How's that for a thought?  But no, lets give them even more control over money by getting rid of cash.  Fuckwits. 

[dwdoc]

The article has little to do with Bitcoin except for this mention:

It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said, adding: "What I think is now reasonably clear is that the payment technology embodied in [digital currency] Bitcoin has real potential."

Negative interest rates have everything to do with Bitcoin.  When banks start charging interest on deposits more and more people will decide to become their own banks.

[Carlton Banks]

Seems a bit odd to me.

When do the newspapers ever print advanced warnings about cash bans and negative rates on deposit accounts? That's unprecedented I think.

[crazyearner]

Negative interest rates could be necessary to protect UK economy, says Bank of England chief economist

 The Bank of England may need to push its interest rates into negative territory to fight off the next recession, its chief economist has said.

Andy Haldane, one of the Bank’s nine interest rate setters, made the case for the "radical" option of supporting the economy with negative interest rates, and even suggested that cash could have to be abolished.

http://www.telegraph.co.uk/finance/bank-of-england/11874061/Negative-interest-rates-could-be-necessary-to-protect-UK-economy-says-Bank-of-England-chief-economist.html

Interesting times ahead for the UK if their looking to bring that in. Will cause more problems than cure. Next recession we not even out of the last one and their already predicting another. Solve all problems is simple. 1 bring tax prices down on energy such as gas and electricity, bring flue prices down. If cash was to be abolished bring it on do everything electronically, making cryptos for all different types of products that way each coin has its own purpose. Am sure governments could easily come up with something to use for all types of different products. I know in the next 10 years or so I do not want to be in the UK due to the ever growing price increase on living its a total joke. Prices go up wages stay the same or very little increase to live on. RIPOFF UK.

[Lethn]

Now do you guys want to see why I want to leave so badly yet? It really is only going to get worse from here, especially with someone like James Corbyn in charge of Labour.

[DooMAD]

Now do you guys want to see why I want to leave so badly yet? It really is only going to get worse from here, especially with someone like James Corbyn in charge of Labour.

At the risk of derailing the thread, I'm not sure I'm following you there.  Do you think he won't be effective at changing the current direction we're heading in?  Or do you think his desired direction is somehow worse than the one of our present government?  Also it's Jeremy, not James, heh.  I don't get the impression he'd sit back and allow cash to be abolished without a fight, so I'm happy to see him where he is.

[LiteCoinGuy]

The article has little to do with Bitcoin except for this mention:

It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said, adding: "What I think is now reasonably clear is that the payment technology embodied in [digital currency] Bitcoin has real potential."

Little to do with bitcoin? seriously?


Bank of England (Chief) Economist Proposes National Digital Currency

http://www.coindesk.com/bank-of-england-economist-digital-currency/

[odolvlobo]

The article has little to do with Bitcoin except for this mention:

It would be possible to get around the problem of hoarding by abolishing cash, Mr Haldane said, adding: "What I think is now reasonably clear is that the payment technology embodied in [digital currency] Bitcoin has real potential."

Little to do with bitcoin? seriously?

This forum is for posting links to articles about Bitcoin. That article is not about Bitcoin, but it mentioned Bitcoin, so I guess it is appropriate. I posted the quote that referred to Bitcoin so that people could see the reference to Bitcoin without having to read the entire article, which was about something else.

[Kakmakr]

So you have to pay the banks to keep your money. They will charge European banks to hold reserves at the central banks, right? So they hope banks will lend more. This is seriously f#$% up.
People will just withdraw all their savings and the banks will collapse. I see some dark times in 2015-2016 if this happens. ^hmmm^

How will Bitcoin resolve such a situation? Will people use that fiat to invest in Bitcoin or in gold and silver?

[Lethn]

Now do you guys want to see why I want to leave so badly yet? It really is only going to get worse from here, especially with someone like James Corbyn in charge of Labour.

At the risk of derailing the thread, I'm not sure I'm following you there.  Do you think he won't be effective at changing the current direction we're heading in?  Or do you think his desired direction is somehow worse than the one of our present government?  Also it's Jeremy, not James, heh.  I don't get the impression he'd sit back and allow cash to be abolished without a fight, so I'm happy to see him where he is.

Sorry, I find people like him so irrelevant I can't be bothered remembering their names properly lol well he has some pretty ridiculous viewpoints on women and it's because he's very much catering to the feminists within Labour, he's advocated women only train carriages ( because of the 'epidemic' of sexual assault etc. in the country ) and he's decided instead of picking people based on their skillset and knowledge to simply allocate half of his cabinet to women.

[DooMAD]

Now do you guys want to see why I want to leave so badly yet? It really is only going to get worse from here, especially with someone like James Corbyn in charge of Labour.

At the risk of derailing the thread, I'm not sure I'm following you there.  Do you think he won't be effective at changing the current direction we're heading in?  Or do you think his desired direction is somehow worse than the one of our present government?  Also it's Jeremy, not James, heh.  I don't get the impression he'd sit back and allow cash to be abolished without a fight, so I'm happy to see him where he is.

Sorry, I find people like him so irrelevant I can't be bothered remembering their names properly lol well he has some pretty ridiculous viewpoints on women and it's because he's very much catering to the feminists within Labour, he's advocated women only train carriages ( because of the 'epidemic' of sexual assault etc. in the country ) and he's decided instead of picking people based on their skillset and knowledge to simply allocate half of his cabinet to women.

As far as I understood, he was only testing the waters to see if the train carriage idea was viable or practical.  As for the shadow cabinet choices, he couldn't do much worse than the present government; a homeopathy proponent in charge of health, a financially illiterate chancellor, a workshy hypocrite in charge of work and pensions.  It's not like any of them are there on merit, so anything standing in contrast to that level of blatant cronyism is welcome by me.  And, unlike a certain Prime Minister, there aren't any allegations of him inserting himself into a pig.