RBA rate cut down to 0.5%

Discussion in 'Markets & Economies' started by slavaja, Mar 3, 2020.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I completely disregard anything the IMF publishes or any argument that uses the IMF as a basis for justification. The IMF are irrelevant to Australia. They don’t dictate policy, nor can they. They have no power to nor the resources required even if they so desired.
     
  2. madaw1

    madaw1 Well-Known Member

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    I'm not religious person /rather trying to be spiritual/ and I'm not in favour or against any kind of God-Jesus for this matter as well,but to say( the Jesus bit which is bullshit to begin with) proves only once again that the person has no idea what he is talking about in this matter-if it's bullshit for you,that's fine...
     
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  3. SilverDJ

    SilverDJ Well-Known Member

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    LOL, interest rates on bank savings accounts are already practically at zero, it makes absolutely no difference if they technically hit zero. My everyday spending Commonwealth account is zero, and the interest baring saving account associated with that is 0.1%.
    But I have to leave all my cash in the everyday account for practical reasons, I have zero in the savings account, it's all in metals and other liquid assets instead.

    And this is why people won't care if interest rates go negative a bit, they have to keep a decent amount of cash in there for everyday transaction and things that are withdrawn automatically. The banks know their is not going to be any mass exodus.
     
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  4. Silverling

    Silverling Well-Known Member Silver Stacker

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    Of course not. There are some pensioners with a few grand in their account that need to be used for everyday living. There is no way they are going to pull that out and then risk being home invaded or robbed by the low life mongrels in our society that wouldn't even blink an eyelid and kill you for it.
     
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  5. STKR

    STKR Well-Known Member Silver Stacker

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    But you're willing to give credence to those "legally responsible" by default?

    You have a way to turn a simple discussion into a debate about who's likeable and trustworthy in your eyes. You're beginning to reveal the true reasons why you believe what you do. This isn't a case of cognitive dissonance, this is just you being bitter.

    Mate, I sincerely hope you're able to get onto the winning side of these markets and make the fortunes you've been dreaming of. I wish you well, I really do.
     
  6. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I'm not giving the RBA credibility. I'm just acknowledging that they have the legal responsibility and capacity to make decisions and are publicly accountable for their actions (though not personally accountable unfortunately) - whereas the IMF doesn't have the authority to implement policy decisions in Australia. It doesn't mean I think the RBA does a good job, I don't. It's a pretty simple concept. RBA calls the shots, IMF doesn't.

    I've made no mention of trustworthiness, I've made no mention of likability. If the only conclusion you can draw from this debate is that I'm bitter then the past few posts from both of us has been a complete waste of time.
     
  7. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    In my 20s till before I married, I hated figures so much I’ll never be able to survive on less than 3 months wage in cash account. Those days I looked at my bank account only 2-3 times a year. So what I did was to spend as little as possible and left the cash account that earned almost no interest to accumulate without even looking at it.

    I also hated paying bills so all my regular bills are deducted automatically from my cash account by the bank, utilities, phone bills, insurance, credit card bill (I pay in full every month since the day I had a credit card. I only applied for a credit card because I needed to use it to get a 15% discount off petrol, otherwise I use only cash for everything).
     
    Last edited: Mar 9, 2020
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  8. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    You have money in the bank???
     
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  9. Lovey80

    Lovey80 Well-Known Member

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    Sure do. Have been putting the pennies away in the hope of starting a new business venture. My current 1.2% interest is making me impatient to get it started though.
     
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