We were commenting on the Dutch a little while ago, and they recently lost their AAA bond rating. So we thought we would take a quick moment to look at what to our cousins across the big pond are up to.
Steve Hawkes, The Telegraph (U.K.), 2 December 2013 (hat tip: NC)
They either spent the cash – which in many cases was earning little more than 1 per cent interest – or moved it to easy-access current accounts. The Bank’s figures suggest that record low interest rates have convinced many to give up on the prospect of meaningful returns on their nest eggs...
However, the withdrawals may also have helped to power Britain’s economic recovery, with much of the cash being spent on consumer goods.
This seems to fit in with the lackluster results of the recent Black Friday shopping events in the United States.