Interest rates appears below zero
The cash and cash equivalents, which the ECB has imposed the business banks, are increasingly towards the "Coarse customer" diet. After the Skatbank, Commerzbank also thinks about "Credit" after. The prere of money will have it drop in stocks and soil and the discussion about the property rights on ground and soil.
After the ECB in June historically lowered the deposit interest rate under the zero percent mark for the first time and subsequently raising the banks to mutually deposits for overhead deposits, instead of rewarding the deposit with interest (the euro on the way to cash removal ), the new monetary policy mechanism continues in the deeper layers of the financial system.
The case of the Thuringian Skatbank called for excess press reactions: For the first time, a bank institution had dared to raise payment costs on call money. Even if the bank only customers with deposits from 3 million euros for the exceeding amount "Negative interest" occupied, so many commentator already saw the downfall of "German savings culture" in front of him. The media discussion regularly saves the readers to the connections: Where should the growth of money enhanced, if an economy is no longer growth? How should 3% interest on all be accessible if economic output growth is close to zero?
Decades of decades of growth rates of 0% have created a habit, which is now broken up with the achievement of a growth plateau. The monetary policy implemented by the ECB and over the floors of the fractionated banking system creates a new territory, which only simply "market compliant" is. After individual coarse customers of the Skatbank, according to FAZ, investment funds must now also deal with the question for the first time, as in a post-growth concomity money-enhanced are meaningfully created – because they are also confronted by their banks with the ECB monetary policy. According to WSJ, Commerzbank also reduces the interest rate for coarse customers from December to the nullline and accommodates one "Credit" to calculate, which should also be negotiated individually.
The reaction of the market participants is predictable and is also guided in each guide article to the small customer in mind: change the bank or seek other investment forms. However, a bank exchange is increasingly difficult because the system vagabonding money volumes increasingly putting prere on each bank: the number and quality of promising investments shrinks in aging economies, so that the number of banks can shrink, which can promise their departure customers more returns, as the total market gives. However, depositors and bank will probably be in favor of the zero line. In the spirit of the banks, it was allowed to be the money volumes in long-term, with 0% interesting investments. Then the banks can work with the money in the long term, instead of it – how just in the overnight money culture – on the one hand have been provided daily and, on the other hand, to have to pay interest.
The overall market will therefore tend to be tailored to the runtime of deposits of the coarse benefit. However, it is illusory that in the long run "Private customers as well as business and middle-class corporate customers not affected" Be, as Commerzbank is currently promising. If the 5.2 trillion euros of German money mercy, there are no plants with positive returns anymore, a competition will burn by the best negative return. Increasingly, investments in economic sectors who do not yield yield: education and environment could help.
However, the human greed on a powerless income also drives a speculation bubble. Since the outbreak of the "Financial crisis" 2007/2008 the stock markets worldwide and above all the country prices have risen massively. Grobmongers are increasingly picking up their returns from balance sheet price increases as well as rent and lease on ground and soil.
The resulting social explosive is increasingly firing discussions to what extent unusable soil can be tolerated as private investment capital. Dirk Lohr, Professor of Tax Teaching and Obological Economics at the Trier University of Applied Sciences, therefore argues that a reform of the ownership of land and resources is necessary and hopes for a discussion of the ECB "The decapitalization of land and nature". The discussion about a basic tax reform, which the Federal Scarf Court has already raised several times, got a new dynamic with a member of the federal government and countries this fall. After the GelDreform launched by the ECB, the next reform project is already in front of the door. Discussions are unassailable, because in wiser anticipation, the social rules should be adjusted so that they also work in full-grown economies.