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Claudio Grass: Negative rates destroy the value of time, and civilization is next
2:40p ET Tuesday, December 10, 2019
Dear Friend of GATA and Gold:
Negative interest rates, Swiss monetary metals analyst Claudio Grass writes profoundly today, destroy more than money. They also destroy the value of time itself and presage the destruction of Western civilization.
Grass writes: "The outcome of this policy is that time becomes worthless. As people's hard-earned money, set aside for a rainy day or for their children's education, instead of appreciating, as logic would dictate, diminishes day by day, it does not make sense any longer to produce and to save.
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"The basic motivation for each individual to get up in the morning and to work hard to achieve a higher living standard is removed, and time, therefore, turns into a dimension without any value.
"If people can't save any longer, by government decree, then there is no other way than to consume. And with all traditionally safe investment options gone, they are left only with the option of speculating in rigged financial markets and the massive risk that comes with it, especially now, when we're nearing the end of a long-term debt cycle."
Grass' commentary is headlined "The Destruction of Civilization -- Implications of Extreme Monetary Interventions" and it's posted at his internet site here:
https://claudiograss.ch/2019/12/the-destruction-of-civilization-implicat...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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