“While there is a lot of support for low interest rates – from stock market investors, home buyers, business borrowers, etc. – it has not been a cost-free policy.  While bank savings rates have traditionally been able to earn savers a little more than inflation, they have consistently lagged behind inflation during this era of extraordinarily low interest rates. That means that depositors in CDs, savings accounts and money market accounts have been losing purchasing power. This lost purchasing power is the hidden cost of the Fed’s policies.  The question is, what has this three-quarters of a trillion dollars in lost purchasing power bought us?”

http://www.investorsinsight.com/blogs/forecasts_trends/archive/2014/05/13/fed-s-zero-interest-rate-cost-savers-a-trillion-dollars.aspx

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