Under the Mattress Davos Style

Submitted by Chris Ducret on Sat, 01/25/2020 - 16:40
Chris Ducret

Ignoring the headline nonsense, the real matter is, how are negative interest rates in Europe impacting people at the conference?  If you are one of the 159 attendees from Switzerland, negative rates may be on your mind. CNN summarized well the cost involved. What is interesting are the reports of requests for large cash withdrawals. 

People w/$2M+ in a Swiss bank are getting hit with -0.75%. Faced with a$7750/year/$2M in cash, leaving the wealthy to figure out how to stuff their cash under their own version of a mattress.