I guess the government is trying to force us to spend any money we clear from the paycheck. The new I-Bond rate is 0.1%. Given that buying any bonds right now is like buying dotcom stocks in late 1999, what are savers to do?
No doubt, the best thing is to continue to stack copper pennies and nickels and silver.
The best CD rates are ~ 3% for a five-year period. So, loan a bank $1000 and get $30 minus taxes per a year, roughly. Or, go out and buy 40 boxes of pennies and have some fun. And do that every month if you want.
All interest is taxable under US law. Actually total world wide income is taxable if you are a U.S. Citizen. I mean there are some deductions related, but if you make money in Europe, then you owe U.S. taxes on it.
The thing is they want you to spend the money...not save it. I mean spending is the way out of this mess right?
-SWUSC
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966.
Rant on interest rates(I-Bond base rate = 0.1%)
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Posted - 05/02/2009 : 09:27:49
