The way I read it, he was complaining that the current yield on low-risk investments is effectively 0%, and that his mother can no longer live on the earnings on her savings.
I'm rather annoyed about that myself.
I don’t stand with the protesters, but he is right about the 0% interest banks pay on savings.
many peopleput money away for their retirement and it is being eaten up by low interest.
My own savings is being eaten up by inflation. They pay 1.5% and inflations causes me to lose money every week .
The frightening thing is that hyper-inflation is coming and will eat it even quicker.
You may as well put your money in a glass jar and bury it.
"My mother and millions of other senior citizens are among the victims of the game that policy makers and those who empower them are playing. Their life savings are gone because Bernankecide, the financial genocide of the elderly, forced them to spend their principal. Now the government is indirectly confiscating 8% of my income because I must support my mother. That percentage is likely to grow as her health deteriorates. "
Simply - Mum's a burden.
What will his 'reset' accomplish to get you higher savings rates? Let's see - no one owes anything. Banks go belly up. I don't have to repay my loans, my suppliers go belly up. Students don't repay their loans - College's lay off staff - may go belly up. In the midst of this, you can DEMAND higher interest rates on your CD's, but I doubt there will be a real demand for funds to loan out. No one will be employed and chaos will reign.