Ben Bernanke, Federal Reserve Chairman, has been in the business of printing money. His program is euphemistically called “Quantitative Easing (QE).” In September 2012 Bernanke announced QE3 in which the Fed would purchase $40 billion of mortgage backed securities per month indefinitely.
There had been QE1 and QE2 previously, which were one time injections of capital into the nations’ money supply. All theses QEs have resulted in one thing: interest rates have been brought down to practically zero. This may be great for people wanting to buy a car or a house, but for savers, like senior citizens, they have been robbed from gaining any interest on their savings accounts.
They might as well have put their money in their mattresses. [Read more…]