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Greek Debt And Your Savings

Posted by: RateAPY Bank Rates News
May 10th, 2010

EU Guarantees Greece A Trillion Dollars

A trillion dollars? Really? How much is that exactly? It is precisely enough to make taxes take off like a space shuttle. The interest that you earn on your savings is the price the banks are willing to pay to use your money. The banks don’t really need your money, or need to pay you very much to use it, if they can get money somewhere else–like the government.

But isn’t government money actually your money? Hmmmm, that seems circular. Wouldn’t it be more honest, rather than tax you and lend your money for government profit, to make the banks borrow the money the old fashioned way–from their customers? Then, you could earn high rates of return as the demand became more urgent. It’s just a thought.

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